3rd January 2018 : Part of market view

PRECIOUS METALS

This very morning, Gold made a high of 1322.90 while Silver made a high of 17.26. The trend seems to be positive. Our next target for Gold is 1340. We have been buying Gold since it was trading around 1238.

In the next session, some profit booking is possible.

On Friday, it is the payroll announcement; bullion shall move up from there.

The next week is indicated to be bullish for precious metals.

Global Equity Indices

Today, market shall be volatile to slightly positive. In the previous session, tech stocks led to positive closing for the American indices. We had advised to exit from the short position and entered into the long position of S&P500 March contract @ 2678.

Today, it can jump up to 2698-2705. At the higher level, it is advised to short indices.

Weekly closing can be flat to negative.

Next week is supposed to be highly dramatic. After 8th of the month, the market can go through a trend reversal. 15th onwards, this negativity may increase.

A considerable correction is possible by end of the month.

CRUDE OIL

Crude oil shall be positive. It may cross 62.00.

NG

NG made a high of 3.08 in the previous session. If 2.94 is not breached then it may move up to 3.20.

EUR/USD

EUR/USD is ready to move up to 1.2100.

USD/INR

USD/INR is ready for a reversal. In the previous session, it made a low of 63.45. With S/L of 63.00, positional traders may buy USD/INR. In short term, it can move up to 64.50.

DOLLAR INDEX

Dollar index may drop to 91.00 anytime soon. At higher level, short dollar index.

USD/JPY

Short USD/JPY @ 112.50-112.60 for target 112.00 & below.

US Treasury Bonds Yield

It is advised to short 50% bonds yield (US 10 YR @ 2.47-2.50 & US 30 YR @ 2.80-2.82).

Bitcoins

Bitcoin has moved above $15,000. Here, you may book 50% profit. For rest position, use S/L $11,700 for target $19,000-$20,000. Next week onwards, a sharp correction is possible.

INDIAN STOCK MARKET

Indian market shall be highly volatile to slightly positive. In the second half, profit booking is possible.

Positional traders may short Nifty @ 10525-550 with S/L above 10600 & Bank Nifty @ 25500-600 WITH S/L 25810.

In short term, we may see a level of 25100 or below for Bank Nifty and 10200 or below for Nifty.

TRADING RANGE:

NIFTY DEC FUT: 10550-10420

BANK NIFTY: 25600-25200

BUY ON DIPS:

  • BATA
  • LIBERTY SHOES
  • NFL
  • TATA CHEMICAL
  • JINDAL SAW
  • NOCIL
  • RELIANCE INDUSTRIES
  • NAGARJUN FERTILIZER
  • ORIENT GREEN POWER

7 Days remaining for the release of Annual Letter 2018.

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