The road ahead for equities and metals

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Here’s a part of today’s newsletter for your reference.

Global Equity Indices

As expected, last evening – US market went through a correction. DOW FUT lost about 100 points while S&P500 corrected by 13 points & NASDAQ corrected by 80 points. This correction is supposed to continue for now. In next week, more of weakness is possible. We had asked to short DAX yesterday- which has also gone through negativity of 100 pts. Hang Seng went down by almost 300 pts.

Over the weekend or next week, some undesirable event may come in limelight affecting the markets.

SELL STOCK INDICES ON RISE.

INDUSTRIAL METALS

Sell Copper on rise. In next week, it may hit 2.85. Around 2.95-2.96, one may again short Copper.

CRUDE OIL

Maintain short position in crude oil. Add short @ 50.60-50.80. In next week, the level of 47.00 is possible.

NG

NG made a low of 2.91 in the previous session. It is advised to long NG for target 3.10.

EUR/USD

You were advised to long EUR/USD @ 1.186500 in the previous session and then were made to book  50% profit @ 1.195000. Hold rest for target 1.2000 in next week.

USD/INR

USD/INR made a high of over 65.00 in international markets yesterday. In next week as well, the price of USD v/s INR shall move up. Around 64.80-65.00, book 50% profit in USD/INR. Around 64.50, one may add long position in USD/INR.

DOLLAR INDEX

You were asked to short dollar index at 92.70. It is advised to book 50% profit @ 91.85.  In next week, it can drop to 91.00.

USD/JPY

You were asked to short USD/JPY around 112.60. At 112, you are being advised to book 50% profit. For rest position, hold for next week. You may again short USD/JPY around 112.40.

US Treasury Bonds Yield

Hold short position in treasury bonds yield for next week.

INDIAN STOCK MARKET

Indian market went through a correction yesterday. Today as well, the correction may continue. It is advised to use the “sell on rise” strategy. With S/L of 10200 and 25200, short Nifty & Bank Nifty. Hold this position for next week.

TRADING RANGE:

  • NIFTY SEPT: 10180-10040
  • BANK NIFTY: 25000-24700

BUY ON DIPS:

  • AJANTA PHARMA
  • DR REDDY
  • HDFC
  • APOLLO TYRES

SELL:

  • IDEA S/L 82 TGT 75
  • EXIDE S/L 220 TGT 205
  • SAIL S/L 62 TGT 59

You may also buy put options – TATA STEEL (September contract) for strike price of 680, Nifty (October-end contract) for strike price of 10100 and Bank Nifty (October-end contract) for strike price of 24500.

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