Daily Forecast – Share Market – May 31st, 2023

Sell on rise and buy on fall | Nifty may try for 18700 and test 18550

Rahu with Ketu is again holding the key for the day, well supported by Moon, Mars, Jupiter, Saturn and Venus. Importantly Venus has changed its sign and moved in Cancer sign with Mars. Indications are that impact of foreign cues will be having impact on our nation (in many respect – that may include economic points also).

Crude is also under pressure because of US and China. Germany may take a deviation from EU for their own benefits. Remember, Nifty is again not under pressure, but profit bookings on upper levels possible.

Local results are supportive for the market. Pressure on IT because of foreign issues are alarming for us. Because, our IT companies are based on foreign markets. Our IT companies are not manufacturer, we are doing job work or earning on head counts (companies are sending employees to companies and earning money). This may affect in coming period also.

US market or other issues are ignored by de-ceiling of debts. Crude is another indicator of tussle. US might be exploiting the situation against some of the nation(s).

Nifty may look for better movements but sell on rise is possible. Again, dip on buy will be better for banks (index). Cash flow may remain normal, I mean no shortfall in cash flow.

Nifty may show dips for 100 points or so, but buy on dips for 18675-700.

Gold may remain under pressure.

Areas for defence, metals, electronics and electricals, IT, aviation, communication, logistics, textiles, leather, engineering, automotive, transportation – all surfaces including railways, solvents, rubber, petroleum products, and many more may remain active.

Sell on upper levels possible. Nifty may try for 18700, dips for -100 points of nifty from previous levels may be possible.

Trade to buy on dips and sell on rise (as and when required). Range bound trade for upper side indicates.

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.