Daily Forecast – Share Market – May 7th, 2024

Nifty may remain within the range 22350 to 22500

Keep watch on different news on various sources

Mercury with Jupiter leads the day, well supported by Sun, Moon, Jupiter, Saturn and Ketu. Market is heavily influenced with the general election and results of various companies. This election and after results will be affected with the eighth house lord Jupiter in lagna of India’s horoscope. That means news and pressure on ruling party may be seen. Which we are watching by share market.

Global cues are better. Lord of share market and banks is in conjunction with Rahu and the lord of foreign cues. So, Volatility index is playing important role and pressure was seen on Nifty. Equity wise share moved because of results and other factors.

Crude oil is also within the range of 80-85 USD.

It will be better to trade for the day. Sell on rise and buy on dips for few days. Nifty may show some changes because of unknown reasons (for a while, which may get clarity after some time).

Banks, financial institutions (DIIs are trying to hold levels), automobile, IT, communication, web related (threats), power, textiles, leather, engineering, electrical and electronics, silk, FMCG, Pharmaceuticals, and many more may be showing movements based on results.

Nifty may trade within the range of 22350 to 22550. Before buying on dips, watch news etc. on various sources.

Indian Currency

Indian Rupee may trade in between 82.80 to 83.60 per USD.

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