Daily Forecast – Share Market – August 16th, 2022

Nifty may look for 17800 or so | Buy on dips (if any)

Mercury, Venus with Saturn (Rx) are leading the day, well supported by Sun, Mars and Jupiter (Rx). Global cues may be important, but other cues will also be important, Sun will be moving in own sign and house.

Indications from global market for now will not be bad, hence we may see some positive movements during the day. After opening of the market wait for a while then move. Crude is within range of 95 USD to 100 USD (Brent).

Food inflation has fallen down, may be because of support from government, but in other items, including education stationaries, we may see rising of prices in coming period – due to taxation.  Government had provided food for 80 crores of people (as mentioned by the government), then it has to be recovered from the public, in shape of taxes.

Areas like Automobile (coming period), banks, financial institutions (again coming week), IT, defence, power, metals, logistic, IT (may be if available at better prices), oil companies, healthcare, pathology laboratories, leather, textiles, sugar, agriculture related segments including tractors, automobile tyres, lubricants, infrastructure, and many more may remain active during the week also.

It will be better to enjoy the day with the wind, Nifty may look for 17900 in coming period. Wait after opening of the market, then plan and move. Profit bookings on upper levels as and when required.

Indian Currency

Indian Rupee may trade in between 78.80 to 79.70 per USD.

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** Before investing or trading please check technical aspects also, it’s a reading based on planetary movements.