Daily Forecast – Share Market – March 24th, 2023

Buy on dips | Profit booking also possible on Upper levels | Trade wisely

Be watchful for Long investments | Watch Gold

Rahu, Saturn, Ketu with Venus are leading the day, well supported by Mercury and Mars. Indications are clear that issues related to health, may be cause of concern thorough out various states of Nation. Possibly one month may be critical. Health insurance and health care may be area for the movements.

Mixed day possible for the day. IT are related segments may remain in action. Unemployment may remain further cause of concern in our market.

Nifty may look to test 16900 and move up to 17200. Banks are again area for the concern. In India IT industry has good areas for employment, but from past six months or so, layoffs or retrenchment in this sector is giving blow to the employees in this segment and also another area for consuming man power of SMEs are not able to play like they were playing up to 2016. Again, Banks are not comfortable. ROI is increasing, but functioning of banks (globally) is not secured – as it should have been.

Inflation is another area of concern, hence governments may try to reduce liquidity. Global market may further affect due to another blow for some big company.

Defence and other related segments may remain better.

Remember, companies have earned good profits on manpower, but now they are showing lack of empathy for the same employees. They are going for Layoff process. Possibly, during the period of 2020-2021, they have appointed blindly many technical persons on higher values (whether justified or …), so companies are going for layoff process.

Airlines are also thinking on the same line. They may look for younger staffs as one companies CEO has expressed in the process of merger with another. Issues for mid-age employees may remain same as early nineties.

I do not see good situation for the coming period. Trade for long must be with care.

Buy on dips and sell on rise are possible. Buy opportunities may be better at least till 13:00 Hrs (IST). Wait for swings and at the point of return, one can book the profits.

Indian Currency

Indian Rupee may trade in between 81.70 to 82.50 per USD.

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