Daily Forecast – Share Market – May 17th, 2024

Nifty based on 2-3 giants | Stop-loss at 22200 and 22475

Penultimate day for week trade 

Sun with Mercury leads the day, well supported by Moon, Jupiter, Ketu and Venus. Is Nifty planning to attain certain numbers before the rise of Jupiter on 02-06-2024? After last polling and opinion polls (expected).

Market may look for results of various results. Tomorrow will be extended day for trade, but Monday will be close for the trading purpose because of Mumbai’s Voting.

Chinese market may also influence our market, but it will be better to keep a watch on local issues. Nifty may show some rise in the trading session. Globally market may have a version, but we are moving on our own way.

Yesterday’s Nifty was influenced mainly due to only to giants – Reliance and HDFC bank. Which had converted the trend of Nifty for racing towards 22400+. Overall market’s position was not decent. When market is based only on two or three giants then volatility will be according to their moves. Similarly, FIIs were almost balanced.

Now, with the flow Nifty may look for 22475 or 22500. But stoploss for 22200 will be better. Trimming on upper levels possible. Buy on small dips (within 100 points) if it is more than these chances of shorting may increase in coming period.

Tomorrow will be working.

Small levels IT companies may be doing well, and valuation wise they are heavy now. Other segments like oil marketing, FMCG, Petroleum based products like automobile tyres, paints, power, banks, financial institution (can change the trend of the index), communication, fashion, power, infrastructure, metals and many more with alcohol, and not traditional segments in coming period.

Pressure on gold in coming time possible.

Nifty may remain within the range of 22200 to 22475. Crude oil is maintain around 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.