Daily Forecast – Share Market – December 29th, 2023

Nifty may clime towards 21850 | Show indications for 22000 in 2024

Wishing you happy last working day of 2023

Ketu, Mercury with Saturn are leading the day, well supported by Mars and Rahu. Indications are clear that market is still looking again positive and may show indications for the levels close to 22000 of Nifty. Now point is that before entering in 22000 of Nifty, will market show some profit booking or may enter directly? I feel for a while Nifty may knock the door of 22000 in 2024.

Now we are entering in election second last quarter or last quarter (for India) and election year in US. That means 2024 may be showing some ups and downs. US market may show rate cuts for Interest.

Profit bookings on upper levels will not be a surprise.

For India, we must be watchful with our steps while giving extra-ordinary financial support for election purpose, otherwise steep rise in debts may increase. Good financial planning for supporting the weaker section.

Dips Nifty for 19600 may give an opportunity to buy but stop-loss at this level will be better. Banks may not be supportive, so chances may give some profit bookings on upper levels. Lord of foreign cues may give some ups and downs in banks and financial services.

Crude oil may show some pressure and may remain within the range of 75-77 USD. This may give impact on Oil marketing companies. Election quarter may give price reduction in gases, oil etc. which may give impact on oil marketing companies.

Watch Banks and financial institutions, power, infrastructure, oil marketing companies, coffee, tea etc, rubber, carbon, automobile, automobile ancillaries, automobile tyres, paints, engineering, chemicals, sugar, alcohol, electricals and electronics, aviation and naval communication instruments, space, non-traditional with travel and entertainment etc. may remain active with leather, textiles, cotton etc.

Nifty may remain bit positive and show indications for 22000 in early period of 2024.

Wishing you all the best wishes for the last trading day of 2023, and may god shower all the happiness in 2024.

Indian Currency

Indian Rupee may trade in between 82.70 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.