Global Equity Indices
Last night, US market experienced a sudden fall on concern of China and oil. Today, uncertainty may continue.
Mercury and Sun shall be changing houses today – which shall be supportive for the stock market.
Strict S/L is advised to be used with any long position.
In the weekly letter, it was mentioned that if S&P500 FUT breaks 1880, it may drop to lows of August 2015. S&P 500 made a low of 1874 while DOW made a low of 16000. With S/L of 1860, add long position in S&p500 FUT for target 1940-1960. Major hurdle for S&p500 FUT is 1965.
It is felt that low has been made and market will move back to upper levels soon.
Precious Metals
Last day, Gold made a low of 1079 while Silver made a low of 13.75.
Gold made a high of 1093 in the previous trading session while Silver made a high of 14.16.
It was advised to book 50% PROFIT at higher level and hold rest with stop loss 1077 (GOLD) & 13.60 (SILVER) for target 1120+ (GOLD) and 14.50+ (SILVER).
If 1080-1084 is retested, you can add long position in GOLD with S/L 1077.
Industrial Metals/ Copper
Hold long in Copper with stop loss of 1.94. for target of 1.98-2.02
CRUDE OIL
Hold long in Crude Oil with stop loss of 29.40. Anytime by 19th, it’ll retest 34.
NG
NG shall continue in weakness. Cover 50% short position around 2.25-2.26 and hold rest 50% for target 2.21.
EURO
Sell EUR/USD on rise.
USD/INR
Sell USD/INR on rise.
DOLLAR INDEX
Sell dollar index on rise.
US TREASURY BONDS
With stop loss of 2.00, hold position in US 10 YR treasury bonds and 2.80, hold position in US 30 YR treasury bonds.
INDIAN STOCK MARKET
Indian market shall be volatile for the day. Last we had let you know before opening about possible breach in levels followed by recovery in second half – the predictions came out to be true.
Market shall be uncertain for the day. Use S/L of 7400 and long Nifty Fut. Use S/L of 15400 and long BANK NIFTY.
TRADING RANGE:
- NIFTY FUT: 7420-7580
- BANK NIFTY: 15480-15800
You can buy following stocks in DELIVERY:
- CENTURY TEXTILE
- ARVIND MILLS
- AUROBINDO PHARMA
SELL:
- AB NUVO S/L 2200 TGT 2120
- TATA STEEL S/L 250 TGT 235
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