30 January 2019: Bullion ready for reversal | Equity on a roller-coaster

Global Stock Indices

Market is going through a rollercoaster ride. Today, market shall trade positive but range could be broader. S&P500 can move up to 2670-2680 – you must book profit in long position there in S&P500 along with other global indices. You can then enter into short position @ 2670-2680 with S/L 2802 for target 2600. We asked you to long S&P500 @ 2630 in the previous session. In the next 2 sessions (ThursdayFriday), market can turn negative.

Precious Metals

Today, FOMC announcement is due. Before the announcement, the top of Gold and Silver is anticipated. Gold can move up to 1320 or higher while Silver has the potential to cross 16. Before FOMC, book profit in long position of precious metals. On Thursday-Friday, bullion may witness correction. MCX traders were advised to long Gold @ 31800 and Silver @ 39500. Today, it is advised to book full profit at closing hour. You can make small quantity of short position in bullion.

Industrial Metals

Copper is positive above 2.73. With S/L of 2.69, long Copper for target 2.75. We asked you to long Copper- MCX @ 422.

Energy Products

Crude Oil

Crude shall be positive for today and tomorrow. It can move up to 55.00 or higher. We asked you to long oil @ 51.80. 50% profit booking had been advised at 53.50 yesterday. We asked you to long crude oil –MCX @ 3676.

Natural Gas

The bottom for NG has been made. It has been advised to buy NG @ 2.85. Hold NG with S/L 2.79 for target 3.20 or higher. It shall move upward till Friday. We asked you to long NG-MCX @ 205.

Currency Pairs

EUR/USD

Hold EUR/USD for target 1.1490.

GBP/USD

Long GBP/USD @ 1.3095 for target 1.3250-1.3300.

USD/JPY

It has been advised to hold short in USD/JPY for target 108.80.

USD/INR

It is advised to book 50% profit in USD/INR @ 71.50-71.60.

Dollar Index

Book full profit in dollar index @ 95.20-95.00 and enter into long position.

US Treasury Bonds/Yield

US 30 Y T-Bond

Add long in US 30 Y T-Bond @ 144.50 for target 146.00-147.00.

Yield

Short yield at higher level.

Indian Stock Market

Indian market shall be highly volatile for the day. In the previous session, we asked you to cover short position in Nifty (Jan) & Bank Nifty (Jan) around 10600 & 26600 and enter into long position.
Nifty may move up to 10780-10800 on the higher side today while Bank Nifty may move up to 2700027100.
Market shall again turn uncertain from tomorrow. It is advised to book profit in long position today.
Market may be volatile to positive for the day. In the closing hour, profit booking is possible.

TRADING RANGE:
– NIFTY FUT: 10650-10800
– BANK NIFTY FUT: 26700-27100
Intraday perspective: Market shall be positive till 11.00 HRS. From 11.00 to 14.00 HRS, mixed trend is indicated. From 14.00 to 15.00 HRS, trend shall again be positive. In the last 30 minutes of trading session, profit booking is possible.

BUY AT DIPS:
-ICICI BANK
– ITC
– AXIS BANK
– MAHANAGAR GAS
– BAJAJ FINSERV
– DABUR

SELL AT HIGHER LEVEL:

-ZEE

Trading range, stop-loss and target: only for MEMBERS.  Call 9301717647 for the subscription.

Note: Annual Letter 2019 will be released soon.