Daily Forecast – Share Market – October 26th, 2023

Nifty may test 19000 | Sell on rise | Look for Opportunities at lower for next week

Rahu, Mars with Venus are leading the day, well supported by Ketu, Jupiter and Saturn. Importantly, again, foreign cues are playing important role with Rahu and Venus. Indications are clear that foreign cues will be week, Rahu is indicating that volatility or sudden or wave is possible during the day. Secondly, on 28-10-2023 – Lunar eclipse ahead.

Avoid illusions for the day. Remember, today is monthly expiry. Again, sell on upper levels possible. If Nifty will test 19000, then will not be surprising.

I must say that it will be better to avail opportunities at lower rates by tomorrow, for next week. Possibly after Lunar eclipse, we may see some positive moves in the coming week (Chances). But this Lunar eclipse can be deceptive. Normally, after eclipse we see positive movements.

Globally, IT is doing better. Whereas economic indicators are bad in US, Germany and other nations. Secondly, war issues in Ukraine-Russia, now Israel with Hamas and other involvements are again point of concern.

Undoubtedly, defence related companies may be doing well, but – crude and related segments may be influenced with the same.

Banks are also not comfortable during the period along with financial institutions. Others are also weak for a while. Sell on rise. IT in India is still not comfortable, reason is – we are doing job work in IT, which depends on foreign markets, foreign banks and others. Since, they are weak, so our IT is not lucrative for a while.

Nifty may breach 19000. Sell on rise will be better for the day. Crude oil may remain around 90 USD.

Indian Currency

Indian Rupee may trade in between 82.60 to 83.50 per USD.

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