Daily Forecast – Share Market – May 16th, 2024

Sell on rise – Buy on dips | Nifty may remain within 22100 to 22300

Political Utha-Patak may give turbulence in 20 days

Sun, Mercury with Ketu are leading the day, well supported by Moon, Jupiter and Venus. Entire planetary position is active – directly or indirectly. Global cues may remain better. Local cues are deceptive, because of Political movements. Secondly, result oriented day.

Yesterday was influenced with sell on rise. Now, for the time being buy on dips and sell on rise will be better. Nifty may remain within 22100 to 22300 or so. Trade with care. India is heading for fifth phase of election. VIX is indicating volatility in the current period.

We may face further turbulence in coming weeks in the market because Jupiter will be coming out of combustion in coming time. On date is totally combust. Global cues may remain little bit better.

Watch defence related product manufacturing companies, power, infrastructure, reality, communication instruments, silk or cotton, textiles, leather, FMCG, fashion, makeup, music instruments, gold related, petroleum marketing companies (enjoying comfortable rates of crude and selling prices on upper side), chemicals and many more in other segments.

Nifty may show some upside movements, but stoploss is important. Buy on dips and sell on rise will be better. Crude oil may again remain within the range of 82-85 USD. INR is week.

Indian Currency

Indian Rupee may trade in between 83.00 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.