Daily Forecast – Share Market – January 16th, 2023

Buy on dips sell | Nifty may try to hold lower levels for the time

Moon, Rahu, with Venus are leading the day, well supported by Sun, Mars and Saturn. Importantly Saturn is moving in the Aquarius sign and Mercury will start transiting direct from day after tomorrow ie. 18-01-2023 at 22:10 Hrs (IST). That means lord of the banks and share market will be transiting with slow speed. That may slow down the pace of movement of the market.

Confusion during the day time in the emotions may be possible due to Rahu/Moon conjunction during the day. Cues from foreign cues may again remain mixed or develop confusion in the market.

Keep a watch on FIIs and other financial institutions. Results of Q3 may influence the market during the week and estimations of the results also influence. Although China’s news may remain positive for consumption etc.

Crude may show some rise again.

Still, market may show feel of recession in the coming months.

Indian market is heading for the Budget in coming month, which may also influence the market in the expiry of the month. Variation in the approach of the giants of the market leaders, which may be troublesome for common/casual traders.

Still, China is uncomfortable, but prices of Aluminium, metals are not falling, I mean they are maintaining their levels.

In case automobile is available at comfortable rates before 14-02-2023, then it will be better to buy for a month’s point. Which may remain better during the above mentioned period.

Sea related segments may give benefit during the day. Banks may again show strength in coming days. I hope, Nifty may not be breaching lower important lower on date. Even then if breaches then it will be better to avail advantage of sell on rise policy. Otherwise buy on dip will be better.

Areas like Oil exploration, shipping, power, automobile tyres, automobile batteries, paints (these oil based segments may show some ups and downs, IT, communication, chemicals, rubber, metals, gold, silver, Engineering, alcohol, non-traditional segments, banks and financial institutions, textiles, leather, agriculture, sugar, railways, logistics, fertilizer (keep a watch) and many more may show movements.

Nifty may be within range of 17900 to 18100.

Indian Currency

Indian Rupee may trade in between 81.00 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.