Daily Forecast – Share Market – January 30th, 2024

Nifty may show preparation for 22000 | Stop-loss 21600 better

For the period (two days) buy on dips

Venus with Sun is leading the day, well supported by Moon, Mars, Rahu, Ketu, Mercury and Venus. Geo situation and local issues may help the Nifty to look for 22000, before budget news. Reason is expectations for reduction of repo rates shortly. I believe, this can be because of political reasons (India and globally).

Crude oil may remain around 81-85 USD. INR may roam around 83-83.20 against USD. HUTI or likewise situations may remain challenge for global oil transportation. At the same time free flow movements in Sea areas may have to face some issues (especially for transportation of goods – cargos). This may increase in future because of imbalances of economy in nations and tendencies of corrupt leaders of various countries.

US government may reduce borrowings, which may give impact on bond yield and market may react accordingly. Election year has started.

Remember, man made geo-political issues may be cause of concern in coming period (especially linked to US)

Budget may show some lucrative offers, which may give some boost to the market before budget session. Do not miss profit opportunities till budget session. After budget or during budgets session itself opportunities to book profits (Chances).

China may face reality related issues, which may give impact on the other segments – impact on international market may be seen in coming months – especially on steel and other segments.

Watch third quarterly results, which may give its impact on various companies.

IT, automobile, non-traditional segments including EV related, defence related (for long term), aviation related defence, space, banks and financial institutions, this may pull many other related segments, indirectly all the planets are active, so movements in all the segments may show movements. Be positive for the coming two days.

Nifty may look for 22000. Be prepared to enjoy the wave, and the moment market starts booking profit – avail that in the new month (February). Watch Indian railways relates segments.

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.