Daily Forecast – Share Market – May 11th, 2023

Wait ‘n’ Watch in Banking | Nifty looks positive | Buy on dips

If banks wait for upper side, then be ready to enter in banks (Bank Nifty)

Mars has moved in its Neech ki rashi (Capricorn). Rahu with Ketu is holding the key, well supported by Sun, Jupiter and Venus. Impact of local political issues may give some impact in coming period.

Geo-cues may not be so attractive. Planetary position is still better. Today is weekly expiry, even then possibility of looking forward for the Nifty for the day. Nifty may further look for another 100 points on upper side. Possibly may touch or look for 18400.

Key of the market will be after 13-05-2023.

Keep a watch on banking, midcaps of IT. Inflation in US may show some improvements (below 5%). Which may give support to the market.

Many segments may remain active. Especially, keep a watch on banks and financial institutions, power, automobile, FIIs, travels and tourism, logistics, infrastructure, reality, automobile tyres, petroleum marketing industries, crude oil is within range of 70-75 USD, bonds may remain active, chemicals, insurance, electronics and electrical, instruments related to communication, cotton and alcohol, sugar, etc. may show further movements with other segments.

Nifty looking positive for the day. Trimming or profit bookings possible but buying from dip possible.

Indian Currency

Indian Rupee may trade in between 81.60 to 82.30 per USD.

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