Daily Forecast – Share Market – May 24th, 2023

Nifty may test 18250 and look for 18400 | Watch banking sector | Buy on dips possible

Jupiter, Ketu with Rahu are leading the day, well supported by Sun, Saturn and Venus. Global cues may not be encouraging, but our market may look for local cues also. Mainly results based session may be influencing the market during the trading session. Changes in the market movements may be seen after or around lunch hours (12:30 Hrs (IST) to 13:00 Hrs (IST)).

It will be better to keep a watch on European market also (after their opening session). Financial indications from US and other nations can be seen in coming period. They indicates uncertainty in the settlement issues. Practically, chances are for the sorted out issues. But this will indicate that US is also in trap. Whereas election year is knocking the door.

The same is for us. We have moved in the penultimate year of the election (under normal situation). We may have some news from government in coming period also. Which may give some support to the various groups on the shoulders of middle class.

For any economy, middle class of the nation is key for the consumption and growth of the economy. In many nations, this class is well supported by the government, but in our country, middle class is the most sufferer. They will bear all the tax burden honestly and will not be beneficiary of any schemes of the government. Even when, they are losing their jobs, government expect to pay all the taxes – but not supporting them. No, unemployment stipend for such class. They are suffering currently (especially after 2016, then post covid lockdown).

Education charges are most troublesome. Now, in coming period how they can go for increasing the consumption of goods. Definitely, this may affect the sales of the market and hurt the GST, again financial crunch.

Today, areas like textiles, leather, sugar, Pharmaceuticals, healthcare, fertilizer, power, automobile (commercial), FMCG, fashion, oil exploration and marketing, shipping or sea related segments, infrastructure, non-traditional power, automobile tyres, engineering, metals, watch gold with care, research related segments, and many more may be showing movements.

Buy on dips may be seen. Nifty may test 18250 and may look for 18400.

Indian Currency

Indian Rupee may trade in between 82.20 to 83.10 per USD.

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