Daily Forecast – Share Market – April 16th, 2024

Nifty may test 22150 and look for 22350

Mercury retrograde with Jupiter leads the day, well supported by Moon, Saturn, Venus and Ketu. Lord of Share market and banks is transiting retrograde (Ulti chaal), and aftereffects of Solar eclipse in other part of the world is influencing our market. Secondly, true picture of economy may also give impact in coming periods (possibly after June 2024).

Global cues (geo-political) situation may not be decent, which may give impact on ups and downs on our market. It will be better to trade with care. Tomorrow will be close for the market. So, watch the market in the second half and then take decision for the day after trade. I believe market may show some pressure on date.

Opportunities at lower levels for coming period will be better. Indian political situation looks settled in this general election. So, market sentiment may remain calm for political reasons. If any changes will be seen then may be after April 30th.

Watch FIIs and DIIs. Nifty may look for 22150 and on upper side – 22350 or so.

Many segments may be showing movements. It will be better to keep a watch and move. Defence, IT, banks and other related segments may give some opportunity for the coming period.

Nifty may remain within the range of 22150 to 22350.

Indian Currency

Indian Rupee may trade in between 83.00 to 83.80 per USD.

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