Daily Forecast – Share Market – July 24th, 2023

Result oriented and foreign cues based day | Better play safe

For Long wait and watch

Venus with Ketu is leading the day, well supported by Moon, Mars, Rahu, Saturn and Mercury. Opening may be close to the previous day, possibly. Market is still shaky because of giants of the market will be flashing their quarterly results.

Cautious moves will be better for the day and in the period. Although market may try to taste 20000 of Nifty in coming period, but a fear of backfoot moves can be seen during the day.

Financial institutions and banks may be playing important role during the week.

That means before going for long, wait and watch till market gets some strength from the base. Foreign cues may not be supportive for the day.

Key players may show some pressure – like reliance or banks or from IT segments. As, I had mentioned in my earlier posts regarding demands – companies might be affected due to week demand in comparison to the normal situation. Inflation is heading on the higher side (food – which is much essential than the others). Yes, Banks may show some better performances, because middle class people normally avoid default stage. Giant players know how to handle the situation, so banks may indicate some tricky figures for NPAs or Gross NPAs. Watch and study properly.

Play with safeguards. If you want to protect funds, not a bad idea. Look for opportunities in coming time – IT and related segments.

Areas like defence, exports and imports, power, infrastructure related companies in coming period because of floods and other natural calamities. Certain areas may face drought like situations. Banks (watch and look for opportunities), financial institutions, logistics, automobile tyres, solvents, carbon black, chemicals, ceramic products, interior and fashion related segments may be showing movements along with many more. Watch textiles, leather, fertilizers and judiciaries decisions.

Look for advantage but only after stable trading of +100 points of Nifty. Otherwise protect funds as and when required.

Indian Currency

Indian Rupee may trade in between 81.70 to 82.40 per USD.

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