13 December 2017: Part of today’s view on market

Indian Stock Market

Indian market went through a sharp correction in the previous session. Nifty and Bank Nifty made low of 10250  and 25150. Today as well, the market is uncertain to highly volatile. The trend may seem to be dangerous for an average trader.

In the next session as well, the market may decline.

By next session, Nifty may breach 10050 while Bank Nifty may breach 25000.

It is advised to stay with “sell on rising” strategy.

At intraday perspective, 12.30 to 14.00 HRS may prove to be a positive period. After 14.00 HRS IST, market shall again decline.

Global Equity Indices

Today, it is the FOMC in context with interest rate hike along with a press conference on the economic outlook. Volatility shall be high in today’s session.

In the previous session, US market closed positive.

Today as well, the market may behave strongly till FOMC meet. After FOMC meet, the market may start to decline. Market shall be bearish for next trading session which will lead to a sharp correction in the market.

European and Asian market shall be in an uncertain mode for the day. A sharp decline is possible in next session.

Yesterday, we advised buying TESLA. It has closed at 341. Today as well, the trend is positive. Before the FOMC announcement, you must book profit in TESLA around 345-350. We are short on APPLE & AMAZON. You may hold this position for tomorrow.

US market may close negative tomorrow.

PRECIOUS METALS

Gold made a low of 1238 in the previous session while Silver made a low of 15.60. Today, some recovery is indicated if Gold doesn’t breach 1238. However, we are not very sure about it.

After FOMC, bullion shall move in positive direction. 15th onwards, positional rally shall start in Gold and Silver.

CRUDE OIL

Crude went through a sharp correction. It made a low of 56.80. It shall continue in negativity for the day.

NG

We advised to short NG @ 2.84. It made a low of 2.68 in the previous session. It is still in a declining phase. NG may drop down to 2.60.

Bitcoins

Bitcoins made a high of 17400 in the previous session. Today as well, it may move up. It can test $18000. The view about today’s positivity isn’t very clear but in next session, it may decline.

INDUSTRIAL METALS

Copper and other base metals shall be uncertain for the day. It is advised to short Copper and other base metals at higher levels.

EUR/USD

EUR/USD shall be moving in a positive direction from tomorrow. It made a low of 1.1720. With S/L of 1.1700, one may long EUR/USD.

USD/INR

Book profit in USD/INR @ 64.60.

DOLLAR INDEX

Dollar index shall be uncertain for the day. It’ll start to decline from tomorrow.

USD/JPY

It is advised to short USD/JPY at higher levels. It will start to decline from tomorrow.

US Treasury Bonds Yield

It is advised to short bonds yield at higher levels.