14 June 2022: View on Stocks, Metals & Crypto

Global Stock Indices

The market saw a correction in the previous session. S&P500 made a low of 3734 and closed at 3749. DOW made a low of 30373 and closed at 30516. NASDAQ made a low of 11253 and closed at 11288. RUSSELL closed at 1713. The next technical support for indices is as follows:

• S&P500: 3720
• DOW: 30200
• NASDAQ: 11200
• RUSSELL: 1700

In today’s Asian hours, a small recovery of 0.5% has been observed across indices. The market is oversold. If S&P500 crosses 3810, DOW crosses 30800 or NASDAQ crosses 11500 then short covering is possible.

Rahu is changing position in the US hours. It will move from Kritika to Bharni nakshatra. The uncertainty in the stock market that has been happening since January 2022 will come to an end. Sun is moving from Taurus to Gemini on Wednesday. It is the Venus-Rahu conjunction on Wednesday.

Wait for Wednesday to accumulate a long position. The recovery shall start anytime on Wednesday. By mid-July 2022, S&P500 may cross 4200. Positional traders can accumulate a 50% long position before FOMC and rest after FOMC (if the market is lower).

The top of this uptrend will be made by 22^nd October 2022. Alternatively, you can buy call options (July-end/strike 4200 for S&P500).

After the transition of Rahu, Russia-Ukraine-related relief is a possibility by the weekend.

Medium-term investors can long stocks such as AMZN, AAPL, NVDA, MSFT, TSLA & JPM on Wednesday.

Day traders can long indices with the previous day’s closing as the stop loss.

If the stock market closes positively in today’s session then carry forward long positions.

As per planetary combinations, there would be a sharp fall in inflation from August to October 2022. This would support the market. By 22^nd October, the market may retest the all-time high.

Precious Metals

A sharp fall was observed in precious metals yesterday. Gold Aug contract made a low of 1819 while Silver July contract made a low of 20.92. Next support for Gold lies at 1805-1800 & that for Silver lies at 20.50. Positional support for Silver lies at 20.00.

MCX: Gold has support at 50500 and Silver has support at 59000. Use S/L below 58000 for positional buying in Silver (target would be 70000+). The positional target on Gold would be 53000.  

Wait for Wednesday to accumulate the long position in precious metals. Make a 50% long position on Wednesday & rest at a dip (after FOMC). By July 2022, Gold may bounce back to 1920 while Silver may move up to 28.00.

Crypto-Currency

Cryptocurrency is ready for a reversal from Wednesday or Thursday. Wait for Wednesday to add long positions.

Indian Stock Market

Indian market may observe recovery in the first half. In the second half, uncertainty is indicated. Nifty has support at 15600 while Bank Nifty has support at 33000.

Positional traders may wait for Wednesday to take their long position (for investments). The transition of Rahu and Sun due in the next 2 days shall be supportive of sectors such as realty, FMCG, PSU banks, finance, and metals.