Daily Forecast – Share Market – May 29th, 2023

Nifty may look for 18600 | Avoid chase – Wait ‘n’ Watch – Move

Nifty may plan for 18700

Rahu with Ketu leads the day, well supported by Sun, Moon, Jupiter, Saturn and Venus. Time is indicating that Nifty may look for 18600 during the period, as it was mentioned in my earlier reports. Lord of the horoscope and Moon are forming wonderful relationship, and importantly this Moon is well placed in the house of share market. So, emotions may remain better.

Global cues may not be having much influence. This was indicated in previous working day. I agree that INR is around 83 against USD. Even then results of the companies have supported the movements.

I believe US may come out of debt ceiling issues, but expenses in US may be seen on check. Which may affect some or other issues in their nation.

IT may be regaining some strength. Keep a watch on certain type of IT segments, Rahu indicates for Artificial Intelligence related segments.

Financial institutions and banks may be supportive again. It will be better to buy on dips. But it will be better to watch giant like reliance. Avoid chasing of the gap up (if any). Wait, watch, and then move in. Reason is impact of Rahu – which can be deceptive at any moment.

Stop-loss of 18300 will be better. If nifty roam around 18500 to 18600 and wait to move the Nifty towards 18700. Banks may show some upper levels in (at least) index. Nifty may try for above 18700 in coming period (current planetary position).

Areas like IT, banks, aviation, infrastructure, real estate related segments including paints and cement, power, automobile, non-traditional segments, finance, chemicals, sugar, textiles, readymade garments, fashion, watch automobile tyres also, ancillary of automobile, batteries, watch Pharmaceuticals with care, FMCG etc. may be showing movements along with other segments also.

Nifty may look for 18600 +, plan for 18700. Do not chase if any gap up opening is seen.

Indian Currency

Indian Rupee may trade in between 82.40 to 83.20 per USD.

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