Nifty Prediction : Nifty may remain within range of (+/-) 150 points | Wait n watch till lunch hours

Daily Forecast – Share Market – December 8th, 2022

Nifty may remain within range of (+/-) 150 points | Wait n watch till lunch hours

Ketu, Moon with Mars are leading the day, well supported by Mercury, Rahu, Saturn and Venus. Weekly expiry is on the cards during the day, market is looking for the direction, lord of share market is trying to hold levels or trying to bring back the levels, at the same time banks are also trying to hold the levels.

Global cues due to retrograde lord is not so strong or is weak or better to say Mix. Impact on our market may remain lazy, slow at any stage may remain mix. Even then, I feel that technical persons will be satisfied because – lord of share market is trying to hold the levels of banks and which may try to hold the levels of share market.

Currency has crossed INR 82 against USD. Fear of rate hike of interest rate or fear of recession is also hurting interest rate. Crude is also below 80 USD.

Keep a watch on travel system, China’s economic data along with global rate of interest, which may increase fear of recession may hurt the sentiment of market in coming period. China’s Covid issue is hurting demand in the market. Consumption theory of China may affect the consumption base of global market, because of large size of Chinese market, indicates negative impact on the markets of globe.

On date market will be influenced with the challenges of global market and local election results (state election). This election results may give direction for the market after 13:00 Hrs (IST). Even then keep a watch on the global market.

Avoid shorting during the despite of weak global setup. Wait for the market till 13:00 Hrs (IST), and election results. Surprises – possible during the day and watch the market till lunch hours. In my opinion, despite of waves like sea, market may show or hold its levels and avoid fear of recession for the day.

Areas like banks, defence, export/import related or FIIs, power, energy, metals, textiles, engineering, travels, chemicals, and many more with IT, watchful for Triveni Engineering, look for opportunities for short term, footwear, oil marketing companies and petroleum based products like paints, automobile tyres, batteries, alternate energy will be interesting for future, and many more may remain in the movements on either side. Banks may try to show some recovery.

Nifty may trade within the range of (-/+) 150 points of previous close.

Indian Currency

Indian Rupee may trade in between 81.70 to 82.60 per USD.

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

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