GLOBAL EQUITY INDICES
Market may undergo a correction on 5th May (+ / – 1 day). You are advised to short S&P500 FUT around 2070-80 and hold for target 2030. A positional target for the short position is 1950.
In medium term until June 2016, the market is in bearish mode.
Today, it is the trend reversal day for equities – it shall turn towards a bearish cycle for the near term.
PRECIOUS METALS
It is the reversal day for price in Bullion – shall turn downward till Friday. Gold and Silver made a top of 1306 and 18.00 in the last trading session. By Friday, it is expected that Gold may drop to 1272-1262 while Silver may drop to 17.20-17.00.
Hold short position in precious metals.
INDUSTRIAL METALS
Copper made its top last day. From here onwards, it shall be in declining trend.
In coming days, it may further correct to 2.00.
CRUDE OIL
Crude Oil also made its top of $46/bbl, last day.
Hold short position. By next weekend, it is anticipated that crude may drop to 38-35.
NG
NG has also made its top last day. It is also in declining mode. It may drop to 1.95 or lower.
EURO
Use stop loss of 1.1551 in short position of EUR/USD. Anytime today, EUR/USD may take a U turn and remain negative till Friday – it may drop to 1.1400.
USD/INR
Buy USD/INR around 66.20-66.30 and hold for target 67+.
DOLLAR INDEX
Dollar index is ready for a reversal today. Wednesday and Thursday shall be positive for dollar index.
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