8 March 2019: View on global, indian stock market, oil and bullion

Global Stock Indices

US market went through a considerable correction as per our expectation. S&P500 made a low of 2740. It closed at 2748 while RUSSELL made a low of 1520. Today, it is going to be a broad range day. The market may close positive.  On Monday, the market can again behave negatively. It is advised to book profit in long position of indices at closing hour. Around 2790, make 50% short position in S&P500.

We advised you to short S&P500 @ 2800 which was then covered at 2745. There itself, a long position was signaled. Today, book profit in a long position at a higher level.

In European and Asian markets, book profit in short position and enter into the long position.

Indian Stock Market

Indian market saw Nifty and Bank Nifty at high of 11134 and 28875 in the previous session. We asked you to add a short position in Nifty around 11100.

Around 11050 or below, you can book 50% profit in short position made at a higher level.

Nifty has support at 10980 which if breached can lead to a further decline to 10815.

Today, the market shall open bearish. It shall trade mixed to negative till 11.15 HRS. From 11.15 to 12.00 HRS, recovery is indicated. From 12.15 HRS to closing, mixed to the negative trend is indicated.

In the next week, the market shall be downward between 11^th and 13^th March 2019.

Crude Oil

Long crude oil at current market price with S/L 55.00 for target 57.50.

Precious Metals

Bullion shall trade positive for the day. Continue holding long position in Gold with S/L 1277 and Silver with S/L 14.90. Gold has resistance at 1292 which if crossed may lead it above 1300. Silver has resistance at 15.25 which if crossed may lead it above 15.40.