Daily Forecast – Share Market – May 9th, 2023

Nifty may look for 18400 | Trimming on possible | Buy on dips with stop-loss

Ketu with Rahu is dominating the day, supported by Jupiter and Venus. Importantly, cues from local market and giants will be important. I believe that foreign cues may not be so supportive, but local issues may indicate to look for 18500 in coming period. But it will be better to fasten your belt, because this can be a trap for many one.

That means strict stop-loss. Possibly some trimming can be seen on upper levels, but market may again look for the upper levels in coming period.

Banks and IT from better levels will be important. Automobile and related areas are also ready to play its role in coming period.

Political issues and other issues can be key for the coming period, not only for the market along with the nation.

Crude oil is still maintaining its levels around 70-75 USD. Currency INR is holding its level below 82 against USD.

It will be interesting to look for automobile tyres, power, infrastructure, reality related segments, communication related segments, keep a watch on entertainment, automobile, automobile i=ancillaries, fashion, FMCG, chemicals, alcohol, spirit sugar and related products etc. may remain active during the day. Many more may be showing movements.

Watch Banks and financial institutions, with IT at better levels.

Nifty may look for 18400. Trimming on upper levels not surprising.

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.