9 March 2020: View on crude oil, stock market and bullion

Global Stock Indices;

Moon shall be in Leo, Virgo and Libra. The conjunction of Sun-Neptune is being formed. This is highly bearish for all markets. Venus-Rahu-Uranus alliance is formed which is highly positive for market. S&P500 closed at 2972 on Friday and has made a low of 2823 in today’s Asian hours. 2800-2820 is a support. Here onwards, market shall take a U turn. Tomorrow, Mercury is turning direct around 08.45 HRS which may bring a considerable reversal in the equity. If market reverses from here, it’ll continue to trade positive for the week. On Tuesday-Wednesday, uptrend is indicated. On Thursday-Friday, mixed to positive trend is possible. Weekly closing should be overall positive. With S/L of 2815, you can long S&P500. DOW has support at 24000 and NASDAQ has support at 8000. Here onwards, market should take a U turn.

Precious Metals

Gold made a high of 1703 and has resistance at 1711. It has support at 1672. If it does not cross 1711 then it can drop to 1670-1650. Tuesday shall be a negative day for bullion. From Wednesday to Friday, positivity is possible. Silver has resistance at 17.65. If it is not crossed then Silver can drop down to 17.10.

Crude Oil

Crude made a low of $30bbl after Saudi Aramco’s decision. It has support at $28. If the support level is not breached then it’ll take a U turn. From tomorrow, crude will start to trade upward. We had been mentioning that 8^th would be a critical date for crude. The Saudi rate cut came on 8^th.

Indian Stock Market

Indian market may have gap down opening. Nifty has support at 10700. If the support is breached then it can drop down to 10500. From the lower level, it’ll recover. Today, recovery is indicated. Market shall remain closed on Tuesday on account of Holi. Market may trade positive on Wednesday. Bank Nifty has support at 26700.