Daily Forecast – Share Market – May 8th, 2024

Nifty may remain 22225 to 22400 | Equity base trade batter

Casual and New traders watchful steps better

Venus, Mercury with Sun leads the day, well supported by Moon, Jupiter and Saturn. Impact of local political and other activities may be seen during the day on share market. Because there is a saying that share market read the nerves much earlier than the others (in 95% cases). Possibly, this market has studied something from the election, which have crossed halfway mark.

Planetary position is not so bad, but the lord of the lagna of India’s horoscope is heading for combustion (AST status) and lord Jupiter (which represents eighth house of India’s horoscope) is transiting in the lagna of India’s horoscope.

Anyways trend from previous many days of the market is down. Today, again we may see some better opening and then pulling down the levels (if this happens – will not be surprising). Nifty may test 22225 on the lower side and may try for 22400 also. So, again range may remain 22225 to 22400.

Again, movements in many segments may be seen during the day. It will be better to trade with strict stop loss. Equity base trades may be better than the index-based trades. Sudden changes and again changes may be tough for casual traders. I agree that election may give chance to earn substantial money, but at the same time risk will be very high. So, new and casual traders be careful.

Nifty may remain within the range of 22225 to 22400. Trade cautiously. Sudden rise in the market for recovery is also possible for Key traders, and casual may fall in trap. It will be better to be careful. Crude oil may maintain the same level of 82-85 USD.

Indian Currency

Indian Rupee may trade in between 82.90 to 83.70 per USD.

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