Daily Forecast – Share Market – November 28th, 2024
Mood may remain bit better | Avoid Long trade | Protect funds
Saturn, Moon with Rahu will lead the day, well supported by Mercury (Rx) and Venus. Focus on IT cannot be ignored during the day, may be some new directions in IT. Local impact will be important for the market. Keep a watch.
I feel that market may show some upside movements, because of today’s planetary movements and geopolitical situations. For the time being one front of Israel is calm now. Question for Ukraine and Russia is still tough, at least around March 2025 (any sudden changes due to other changes cannot be responded right now).
Today, watch IT, communication, space, defense related aviation manufacturing or better to say look for opportunities in defense segment, alcohol, acid, chemicals, watch banks and financial institutions (with care) and if any opportunity – capitalize, fashion and insurance may show some movements, I must say, look for opportunities on either side, but protect your funds also.
Crude oil may remain around 70-74 USD. I agree that prices of CNG/PNG, and other petroleum-based products are increasing, which is playing a bigger role in inflation, because rising cost of energy will increase production cost. That means we must look for Petroleum marketing companies.
Nifty may remain around 24350 or so, but stoploss at 24050 will be better in coming time.
I am still not in favour of long-term trade. For investments – one can look for opportunities in nontraditional segments. But be careful with companies of selected groups.
Indian Currency
Indian Rupee may trade in between 84.20 to 84.60 per USD.
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