Daily Forecast – Share Market – January 5th, 2024

Nifty may look for 21725 or so | Watch IT – deceptive

Mercury, Ketu with Mars are leading the day, well supported by Rahu, Saturn and Venus. Foreign cues are supportive, whereas IT and banks may remain active. Possibly Indian market may show some gains from lower levels.

Nifty may try to look for 21700 and so on. It will be better to take some advantage of the same. But this does not means that stoploss can be ignored. Trade with stoploss, which may play some important role.

We are in politically motivated year (India and US), and Rahu with Ketu both are active, so sudden changes at any moment in the running year will not be surprising. Political issues may be critical at any stage during this first 5 months.

As it is clear that IT – profit bookings are possible, reason is results of US IT companies are still not comfortable, although Job opportunities are open and are more than the expected.

Banks may remain bit better.

IT is hurdle in further marching ahead. But other areas may be looking better. So, buy on dips and prepare to book the profit at any struggling point. Chances of Surprises – Banks and financial institution as it was on previous working day. Defence is now Mr. dependable for long also.

Almost all the segments are active, only black sheep in the group can be IT segment. Midcaps and small caps may also be doing better. Watch and enjoy the trade.

Nifty may even look above 21700. Watch IT sector with care. Crude oil may remain around same values of 76-79 USD.

Indian Currency

Indian Rupee may trade in between 82.80 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.