US Stock Market
S&P 500 made a high of 2115 and a low of 2091. For today as well, this weakness shall continue. Next day, before the non-farm payroll data, S&P500 may retest 2080-2075-2065.
Next day, it is the conjunction of Jupiter-Moon. Market may turn positive after the announcement of data. This positivity may continue till next Monday as well.
Indian Stock Market
Indian market shall continue to be weak for today as well. Next day, it may experience a U turn. Opinion polls for Bihar election shall be up. On Monday, market seems to trade in positive zone.
As per astrology, Bihar election may not be in favor of the existing Chief Minister.
It is advisable to cover short position today as opinion polls will start coming up after 17.00 HRS IST.
TRADING RANGE:
NIFTY FUT: 8130-8020
BANK NIFTY: 17500-17100
SELL:
- TATA STEEL S/L 240
- BATA
- TATA MOTORS S/L 406
- YES BANK
BUY:
- JSW ENERGY
- POWER GRID
- RELIANCE POWER
- EXIDE BATTERY
CRUDE OIL
Crude Oil shall be range bound for the day. Next day, it shall be positive and crude may cross 48.
PRECIOUS METALS
Last day, Gold made a low of 1106. For today, Gold and Silver may try to bounce back from US hours.
The level of 1100 shall not be breached. Gold shall cross 1120 once again. Next day, it is the Jupiter-Moon conjunction which will force the price of bullion to higher levels.
Next Monday and Tuesday shall also be positive for bullion.
Last month, on 2nd Oct 2015, before nonfarm-payroll data, Gold made a low of 1104 and from there, it bounced back to 1183.
It is felt that a similar trend could be repeated. Silver shall also follow the trend in Gold. With stop loss below 14.90, long Silver for target 15.50-16.00.
MCX traders shall buy Gold with stop loss 25,670 and Silver with stop loss 35,200.
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