Daily Forecast – Share Market – May 8th, 2023

Banks and foreign cues important | Buy on dips possible | Nifty positive

Venus, Ketu with Rahu are controlling the day, well supported by Mars, Jupiter and Mercury. Buying from lower levels may be seen during the day. Nifty may again try to look for another 100 points or so. But because of strong holding by Rahu and Ketu any time wave will not be a surprise. We may see some dips also. Even then a sunny day like market may be seen.

Nifty may try for 18500 in coming period. But it will be better to trade with strict stop loss, possibly some giants may play some game. FIIs or other big giants may be key before any dip.

Many sectors may remain active.

Local issues may remain heavy on the market. Impact of political issues may remain active in coming period.

Currency is holding levels, crude oil may remain in the range of 70-75 USD, even then wait and watch for the prices. Metal is important. Buy on dips (gold/silver).

Areas like non-traditional segments, alcohol, sugar, spirit, communication instruments, banks, financial institutions, metals, defence and trade related foreign nations, insurance, petroleum and sea related segments, cotton, instruments related to music (play, composing), FMCG, fashion, ready-made fabric, garments, pharmaceuticals (keep a watch), automobile tyres etc. may show movements along with other segments.

Nifty may look for 17150 or so. But dip will not be a surprise. Buy on dips will be better. Keep a watch on banks.

Indian Currency

Indian Rupee may trade in between 81.50 to 82.20 per USD.

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