Daily Forecast – Share Market – January 8th, 2024

Nifty may remain 21550 to 21800 | Buy on dips better

Watch Banks and IT

Ketu with Mercury leads the day, well supported by Mars, Rahu, Saturn and Venus. Importantly, Mercury has moved with Mars, and Sun, in the house of gains, ups and downs and giving support to own house of banks and financial institutions.

Indications are that banks and financial institutions, including FIIs may play better or important role during the day for the movements in the market. Possibly Nifty may try to look for 21800. Stop-loss will be better (Nifty 21550). IT, banks etc. may remain important for our market. Time to time they give ups and downs. Watch them with care. Buy on dips will be better according to the movements.

It seems market is prepared for 22000 of Nifty.

Since, indications from the Government regarding GDP may remain positive and last quarter of interim budget has started. Impact will be seen during these two months and till the General elections also.

Global disturbances in sea areas may further increase, because of planetary position. This may be for long term. Which may give impact on inflation (indirectly).

Crude oil may remain around 77-80 USD. Although, fluctuations are expected.

Oil marketing companies, automobile, batteries, sudden changes in automobile sector on either side, engineering, defence related segments, banks, IT, communication, space and defence related to aviation, naval related manufacturing (defence based), steel (watch), power, infrastructure, sugar, textiles, leather, FMCG, fashion and many more may be showing movements.

Nifty range may remain 21550 to 21800. Buy on dips for a while. Watch banks and IT.

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.