Daily Forecast – Share Market – March 22nd, 2024

Nifty may see some dips | Buy on dips | Look for opportunities at upper levels

Last working day before one long weekend. Monday, because of Holi festival, markets will be not working (close day). Mercury with Rahu leads the day, well supported by Moon, Mars, Ketu, Saturn and Venus. Importantly, lord of share market is in its neech rashi, giving direct aspect to its house of share market, so we have seen that under adverse situations, Nifty or market were in a position to hold the levels.

Global cues – especially central bank of Switzerland has started cutting in interest rates after COVID era. This was the first bank to give indications of weakness in economy. This can be a booster for the market after corrections, for some comfortable run up. I still believe that our market is prepared for Nifty’s 23000 levels in coming period. Unless sudden political miracle/debacle.

Nifty may try to hold 22000. Stoploss of (-)100 points from the last closing levels.

Lord of IT is not giving comfortable indications, but is giving strength to the lord of foreign cues, defence, foreign news, trades, textiles, machinery, leather, paper, chemicals, Lord of lagna is forming straight relationship with Moon, which is with Mars, so we may see some surprising steps or moves or announcements from any one in nation including Judiciary.

Buy on dips and reading the market norms on upper levels will be better, reason is political movements, long weekend.

Movements in almost all the segments may be seen. Crude may hold the levels around 85 USD. For currency, we may see around 83.25 against USD. Frank has also shown some weakness against USD. Watch local banks. Trade IT with watchful eyes (both are bread and butter of Indian economic growth).

Nifty may remain within the range of (-)100 points from previous closing, and look for opportunities on dips.

Indian Currency

Indian Rupee may trade in between 82.90 to 83.40 per USD.

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