We wish all of our American friends a very happy Independence Day!
Here is a part of today’s newsletter:
Global Stock Indices
In the previous session, S&P500 made a high of 2741 while DOW and NASDAQ made high of 24450 and 7160. There onwards, profit booking was witnessed. A low of 2710 and 24125 has been made by S&P500 and DOW while NASDAQ made a low of 7015.
At higher level, it was advised to book profit in long position yesterday. Today, it has been advised to long indices at lower levels.
Futures contract can again re-test previous day’s high. Today, US market is closed on account of American Independence Day.
At higher level, one may book profit in DOW, S&P500 and NASDAQ.
In the next session, market may open downward and gradually recover until Friday.
European and Asian markets shall also trade positive for today but next day’s opening is expected to be negative.
PRECIOUS METALS
Gold made a low of 1238 in the previous session while Silver made a low of 15.81. The bottom for bullion had been made. Gold made a high of 1258 while Silver made a high of 16.10. For today as well, trend is upward for precious metals. However, US market is closed so it is difficult to measure how much of positivity will be visible.
In Asian time – today, Gold made a high of 1261 while Silver made a high of 16.17.
Technically, if Gold crosses 1263 or if Silver crosses 16.25 then a bullish rally may be on way.
Here onward, bullion shall be in positive direction until Friday.
INDUSTRIAL METALS
Copper made a low of 2.91 along with other base metals in the previous session. Here onwards, it shall trade upward with some volatility.
Hold long position with S/L 2.90.
ENERGY PRODUCTS
CRUDE OIL
Crude made a high of 75.40 and witnessed profit booking; then it made a low of 72.80. If crude reaches 75 today then one can short crude with S/L 76 as the next session is anticipated to be negative.
NATURAL GAS
It is advised to long NG at lower level with S/L 2.80. Trend shall be positive.
CURRENCIES
EURO (EUR/USD)
It had been advised to book 50% profit in EUR/USD at higher level. Around 1.1740, one can book full profit.
POUND (GBP/USD)
It had been advised to book 50% profit in GBP/USD at higher level. Around 1.3240, one can book full profit.
YEN (USD/JPY)
It is advised to book 50% profit in USD/JPY at CMP (110.34). Book remaining position at 109.50.
INDIAN RUPEE (USD/INR)
It made a high of 68.92 in the previous session. At lower level, one can again long USD/INR.
DOLLAR INDEX
It is advised to book 50% profit in dollar index @ 94.20 and hold remaining position for target 93.80.
US TREASURY BONDS
US 30 Year T-Bond:
At higher level, short US 30 Y T-Bond. We’ve already made you short US 30 Y T-Bond @ 145.20. With S/L of 146, hold short position for target 144.
Yield:
50% profit booking in yield has already been advised at 2.96 (US 30 YR) and 2.83 (US 10 YR). At higher level, one can short yield.
INDIAN STOCK MARKET
Indian market traded positive in the previous session. For today as well, trend is bullish. It may trade mixed until 12.00 HRS IST. From 12.00 HRS to 14.30 HRS IST, it shall turn bullish. In the closing hour, profit booking is possible.
It is advised to remain with “buy on dips” strategy.
Around 14.30 HRS IST or closing hour, one can cover long position at higher level and enter into 50% short position. The market may be negative in the first half of next session.
PSU banking stocks may witness considerable uptrend today. Bank Nifty may trade more positive than Nifty.
TRADING RANGE:
- NIFTY FUT: 10680-10780
- BANK NIFTY FUT: 26100-26500
BUY ON DIPS:
- UBL
- MCDOWELL
- DLF
- HDFC
- L&T
- TATA STEEL
- TATA MOTORS
- TCS
- SBI
- PNB
- BANK OF INDIA
- RBL
- AXIS BANK
Special offer on American Independence Day:
Avail 30 days of additional service with quarterly subscription. Call +91-9669919000 or e-mail astrodunia@gmail.com for details.
Leave a Reply