Equity and commodities simplified for 16 January 2018

Global Equity Indices

Today, the stock market may observe a sharp correction. This may continue for next trading session as well.

Today, it is the new moon. Mars will enter Scorpio around early Asian hours of next trading session. S&P500 has resistance at 2810. Today, S&P500 is expected to breach 2770. With S/L of 2810, you can short S&P500 March future at the current market price. European markets declined in the previous session as well. Today as well, it shall continue in correction.

Hang Seng also closed negative in the previous session. Today as well, it shall continue to be weak.

PRECIOUS METALS

Gold and Silver pose support at 1328 and 17.10 respectively. Today as well, bullion is bullish.

INDUSTRIAL METALS

With S/L of 3.31, short Copper. Mars is changing position next early morning, which is negative for base metals.

CRUDE OIL

Crude oil shall be positive. With S/L of 63.80, hold long position in oil for target 65.50.

NG

NG is not expected to cross 3.23. With S/L of 3.25, short NG for target 2.60 in coming days.

EUR/USD

EUR/USD has support at 1.2150. It is ready to cross 1.2300 anytime soon. Buy EUR/USD on dips.

USD/INR

Buy USD/INR on dips. Around 63.70, you may book 50% profit.

DOLLAR INDEX

Dollar index made a low of 90.10. It has resistance at 90.80. It can try to breach 90 and further correct to 87. With S/L of 90.80, remain short in the dollar index.

USD/JPY

Short 50% USD/JPY @ 111.00.

US Treasury Bonds Yield

Yield shall continue to decline. A sharp correction is possible from next session.

Bitcoins & Ripple

Bitcoin has breached the support at 13100. In coming days, the value may drop to 10000.

Ripple has support at 1.50; which if breached may lead to extensive sharp selling.

INDIAN STOCK MARKETĀ 

Today, Indian market can go through a sharp correction. It shall continue for next session as well. It is advised to short Nifty with S/L 10800 for target 10590.

TRADING RANGE:

NIFTY JAN FUT: 10780-10680

BANK NIFTY: 26060-25700

POSITIONAL BUYING FOR SHORT TERM:

  • FORTIS HEALTHCARE S/L 140 TGT 165-170

Metal and PSU banking stocks shall start to correct soon.

 

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