Market trend 26 October 2017

Global Equity Indices

After August 2017, it was for the first time that the US market experienced a sharp correction in the previous session. DOW FUT made a low of 23200 while S&P500 FUT made a low of 2541 & NASDAQ made a low of 6002. These are major support levels for the respective indices; which if breached may open doors to lower levels.

Today, Saturn is finally changing position as well.

DOW has a resistance at 23450 while S&P500 has resistance at 2580 and NASDAQ has resistance at 6130.

With change in position of Saturn, a sharp correction shall happen (mostly today; otherwise tomorrow).

Yesterday, we advised to short S&P500; our target of 2541 was achieved. Today, again you may short 50% S&P500 @ 2558-2560 & rest @ 2570-2575 with S/L 2581 for target 2541. If 2540 is breached then sharp correction is possible; second target for (positional) short position is 2480.

PRECIOUS METALS

The low in precious metals has been made. For today and tomorrow, the trend is positive. Hold Gold Dec Fut with S/L 1270. Book 50% profit in Gold @ 1290-1291. As long as it sustains above 1293, it may move up to 1300-1320.

Silver has a major support at 16.80. It is advised to book 50% profit @ 17.20-17.25. If 17.25 is crossed then it may move up to 17.45-17.50.

INDUSTRIAL METALS

Sell Copper and other base metals at higher levels.

CRUDE OIL

Remain short in crude oil with S/L 53.20 for target 50 by tomorrow or next week.

NG

It is advised to hold long position in NG for target 3.00-3.10.

EUR/USD

We have asked to book 50% profit in EUR/USD @ 1.1828. For rest position, hold for target 1.1880.

USD/INR

USD/INR made a high of 65.20 in the previous session. With S/L of 64.60, long USD/INR for target 65.20.

DOLLAR INDEX

It is advised to book 50% profit in dollar index @ 93.40. For rest position, hold for target 93.00.

USD/JPY

50% profit was booked in USD/JPY @ 113.44. Hold rest position for target 112.80.

US Treasury Bonds Yield

The top has been made for now. With change in position of Saturn, trend shall turn negative for bonds. Make short position in US 10 YR with S/L 2.50 and US 30 YR with S/L 3.03.

INDIAN STOCK MARKET

Indian market behaved positively yesterday. On Tuesday, we advised to long SBI October call option for strike price of 260 @ 1.40. It made a high of 55.00 while we sold the options @ 40.00. Owing to the booster package, the PSU stocks rocketed up yesterday.

A considerable correction is possible today or tomorrow.

Here, you are advised to buy put option in Nifty (November-end) for strike price of 10200 and Bank Nifty (November-end) for strike price of 24500.

TRADING RANGE:

NIFTY FUT: 10450-10250

BANK NIFTY: 25200-24800

Buy put options in SBI (November) for strike price of 280.

BUY ON DIPS:

  • IRB INFRA
  • INFOSYS
  • NCC
  • NLC INDIA
  • HUL

SELL ON RISE:

  • HDFC BANK

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