Stock Markets Around the globe
As expected, stock market had a negative trend in the last trading session. S&P500 made a low of 1,986.
It is advisable to book 50% short position in DOW, NASDAQ & S&P500 here and hold rest 50% with stop loss as your entry point (the level at which you had short).
Weakness is expected to continue for today as well.
Yesterday was the last day for negative trend in Gold and Silver. Gold made a low of 1,248 while Silver made low of 18.88.
Today, Mars is entering Leo navmansha. Today onwards, recovery shall be seen in bullion (especially from 17.00 HRS IST). Bullion is expected to close positive for the day.
If bullion closes positive today, it shall continue to be positive till 16th September 2014. If bullion closes positive today, Gold may touch 1,295 while Silver may touch 19.70.
Maintain a stop loss of 1,240 & 18.70 (for the new buying).
However if bullion doesn’t close positive today, it shall be dangerous. If Gold closes below 1,248 then it may drop to 1,225.
But I am very confident that it should close positive today.
Major support of Gold lies at 27,000.
Major support of Silver lies at 41,500.
If the said support levels are breached, then it is dangerous.
– GOLD :1,251-1,265
Copper and other base metals shall turn positive from today.
Crude Oil shall trade in positive trend for the day.
Mix to positive trend is expected in NG.
– CRUDE: 92.20-94.00
EUR/USD shall move in positive direction till Friday.
INDIAN RUPEE (USD/INR)
USD/INR shall trade in weak trend.
Dollar index made a high of 84.66 last day. It shall trade in negative mode till Friday.
– EUR/USD: 1.2900-1.2980
US 10 YR-TREASURY BOND
Bonds shall trade in positive direction from today.
It shall remain positive till Friday.
-US 10 YR T BOND:2.52-2.44
INDIAN STOCK MARKET
Indian market shall trade in volatile to weak mode as already mentioned in the previous newsletter.
Nifty can drop below 8,100 while Bank Nifty can drop below 16,100.
# NIFTY FUT:8,200-8,100
# BANK NIFTY: 16,300-16,000
– JAIN IRRIGATION