Market on verge of decline – August 2017

Global Equity Indices

In the previous trading session, US market went through a phase of profit booking. You were advised to short S&P500 SEPT FUT @ 2477 with S/L 2482 & DOW SEPT FUT @ 21720. Positional traders were advised to buy put option in DOW SEPT contract for strike price of 21700.

S&P500 SEPT FUR made a low of 2462. Market shall continue with some volatility. Some weakness is indicated. In next week as well, the phase of consolidation shall continue. After 4th August 2017, a big fall / crash is possible in equities (by the end of month), as per astrology. This correction may be of higher than 10%.

Day traders may book partial profit in S&P500 SEPT FUT @ 2464. If 2460 is breached then it may correct further.

European market underwent a sharp profit booking in the previous session. You are advised to book 50% profit in short position of European indexes at CMP. It should be noted that DAX made a low of 12130.

PRECIOUS METALS

You were advised to long Gold @ 1245 & Silver @ 16.35 before FOMC announcement. In the previous trading session, Gold made a high of 1265 while Silver made a high of 16.80.

In next week, bullion may continue to trade positive. Gold has potential to reach 1280-1300 while Silver may move up-to 17.00 or slightly higher.

Use S/L of 1240 for Gold & 16.30 for Silver.

ENERGY PRODUCTS

CRUDE OIL

Crude oil made a high of 49.00. You are advised to book 50% profit in long position at CMP and hold rest with S/L 47.20.

In next week, there are chances of oil touching $50/bbl.

NG

NG made a high of 2.98. You are advised to book 50% profit there itself. You may hold rest position with S/L 2.90 for target 3.10.

CURRENCY PAIRS

EUR/USD

EUR/USD made a high of 1.172000 and has potential to move up-to 1.180000. With S/L of 1.16000, hold long position in EUR/USD. You may add long position in EUR/USD @1.164000.

USD/INR

Positional traders may buy call option in USD/INR for next month’s contract of strike price (64.50). In next month, we are anticipating USD/INR to cross 65.

DOLLAR INDEX

Dollar index recovered from an oversold zone. It shall again decline.

USD/JPY

Short USD/JPY @ 111.50 for target 110.50.

US Treasury Bonds Yield

You are advised to short US Treasury Bonds Yield at higher price. Hold short position for August-end.

INDIAN STOCK MARKET

Nifty August & Bank Nifty August contract made high of 10150 & 25080 in the previous session. You were advised to short Nifty @ 10080 and Bank Nifty @ 25025.

If gap down opening happens today, you may book 50% profit here itself and hold rest with S/L of previous day’s high.

In next week as well, market shall continue in phase of consolidation.

Between 4th August and 28th August 2017, a considerable fall may be observed in the market; it may lead to a correction of more than 10% in Nifty.

TRADING RANGE:

  • NIFTY: 10050 – 9950 – 9900
  • BANK NIFTY: 25050 – 24800 – 24500

Technical levels

Nifty

Support : 9900

Resistance : 10150

Bank Nifty

Support : 24500

Resistance : 25100

BUY ON DIPS (INTRADAY):

  • JK PAPER
  • GLENMARK PHARMA
  • ICICI BANK

SELL:

  • IDEA
  • DR. REDDY
  • MARUTI

 

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