Daily Forecast – Share Market – October 31st, 2022

Wave in the market | Gap-up not surprising | Nifty may plan for 18000

Last day of October 2022, and first day of the week. Rahu with Mars is leading the day, well supported by Sun, Saturn and Venus. Importantly Mars has started transiting retrograde. Foreign cues are important but otherwise also market will be influenced with various issues, possibly non-traditional and news from various sources.

Indications for the opening of the market may remain positive. Possibly results of various companies may give impact on the market. Nifty may try to recover from lower levels. Possibly some levels may be touched or may try to breach the levels and look for new levels.

Will these foreign cues be reliable? Importantly Household income in US has gone up or improved. India’s figures may not be supportive pre-covid levels of household income (or improved) will be important for our oversold market. Importantly, India is running behind in unemployment levels.

Inflation is high globally. Possibly coming period may show food crises again (globally).

Movements in foreign markets are encouraging. It will be better to buy on dips. Also, wait for one hour of the market, then move in. I believe by that time market will be showing some upside movements.

Crude is still below or around 95 USD. Currency is able to maintain around or below 82:50 against USD. It is also believed that US has played important role for the fall of economy of various countries, whereas they have improved their levels. Gross household income has gone up in US despite of inflation.

Activities in automobile, communication, power, metals, cement, infrastructure, automobile ancillaries, EV batteries, LCV, HCV and two-wheeler, four-wheelers segments may be doing better, keep a watch on agriculture related automobile, steel and IT, chemicals, keep watch on banks and financial institutions, metals and many more segments may be showing movements in all the segments.

Nifty may try for 18000 in the coming period or before 09-11-2022. Trade with patience and enjoy the wave.

Indian Currency

Indian Rupee may trade in between 82.00 to 82.80 per USD.

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