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.
Gold and Silver pose support at 1328 and 17.10 respectively. Today as well, bullion is bullish.
With S/L of 3.31, short Copper. Mars is changing position next early morning, which is negative for base metals.
Crude oil shall be positive. With S/L of 63.80, hold long position in oil for target 65.50.
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 has support at 1.2150. It is ready to cross 1.2300 anytime soon. Buy EUR/USD on dips.
Buy USD/INR on dips. Around 63.70, you may book 50% profit.
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.
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 MARKET
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.
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.