Daily Forecast – Share Market – May 30th, 2023

Buying Opportunity at 18575 & sell at 18700 | Banks interesting

Moon, Rahu with Ketu lead the day, well supported by Jupiter, Saturn, and Venus. Again, market will be based on our own emotions, our market may ignore foreign cues for the day. Nifty is planning to achieve new level – 18700 +. I feel today, market may look for this level. Foreign cues may not be supportive.

Banks must be watchful for the system, otherwise our banks may also face some issues like banks from US or EU etc. I do not mean that banks are not doing better on date. But for future, they should be watchful.

Keep a watch on financial segments. It will be better to keep a watch on Japan, US and UK markets, I agree that on date market may not be showing full flow in the market but is ready to look for 18700.

Bank index may give some movements. Despite of looking for 18700 of Nifty, market may show slow movements. Unemployment in China, and other nations may create issues for the persons of other nations.

Nifty and Banks are indicating that market may try to hold the levels, chances of collapsing – despite of strong role of Rahu (on date) is not seen. Profit bookings on upper levels are always possible. FIIs and DIIs are still not playing negative for the market.

Buying opportunities for intraday traders can be below 18600 and sell on rise around 18700.

Areas like banks, financial institutions, IT, space, logistics, entertainment, communication, alcohol, engineering, textiles, electricals, electronics, Railways related, aviation, shipping, sea related, insurance, chemicals, sugar, leather, FMCG, rubber, automobile and related segments, non-traditional segments, communication instruments, cotton, readymade garments and many more segments may remain active.

Nifty may look for 18700, buy on dip and sell on rise (for intraday traders). Crude oil is looking for 80 USD. June may give some rise because of OPEC (proposed exploration cut/product cut). Gold may show some pressure on upper levels.

Indian Currency

Indian Rupee may trade in between 82.20 to 83.00 per USD.

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