Daily Forecast – Share Market – February 8th, 2024

Nifty may look for 22050 | 22159 in coming period possible | Stop-loss at 21850

Sun, Moon with Venus are leading the day, well supported by Mars, Mercury and Rahu. Indian stock market has come within the range of 22000 of Nifty levels and accordingly Sensex. INR is holding levels around 83 against USD. Crude oil may remain around 80USD.

Watch, news and announcements from RBI’s news. Watch news from local companies (third qtly) results.

I believe that market may roam around yesterday’s levels but could not hold the levels of Nifty’s 22000. Profit bookings had dragged down the values.

Global market is still in good emotions. Momentum may be seen during the period. Changes may be seen after (quick) after April 2024, when Jupiter will move in lagna of India’s horoscope. Next impact will be seen after June 30th, 2024.

Market on the day of expiry, we may see buy on dips and mark stop loss at 21850. But may look for 22000 and previous day’s levels. Banks and financial institutions are playing key role, as and when required book profits in Nifty banks. Issues are open in Paytm and related segments.

Nifty may show levels of 22150 in coming time (if this happens – will not surprise me).

Rubber, IT, Organic chemicals and based segments, automobile, infrastructure, solar energy related segments, EV based segments, lithium batteries, and electronics with electricals may be showing results in coming period, watch pharmaceuticals and health care, insurance and related segments may be indicating sudden changes, watch alcohol, and watch chemicals and relate news of various companies, we may see movements in many more segments also.

Keep a watch on cements and ceramics, paints and real estate.

Nifty may look for 22050, stop loss at 21850 will be better. Nifty may look for 22150 in coming period.

Indian Currency

Indian Rupee may trade in between 82.70 to 83.30 per USD.

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