Equity markets and energy products

Global Equity Market

In the previous session, US closed flat to positive. Market shall be positive for today and tomorrow. On Friday, some profit booking is possible. Top of the market is expected around 12th June 2018 (+/- 1 day). There onwards, a short-term correction is likely to happen.

In this phase, S&P500 can move up to 2780-2800 or higher. In the previous session, AMAZON closed above 1680 while MICROSOFT closed above 101. We are expecting AMAZON to cross 1700 while MICROSOFT may cross 105.

ALIBABA, NVIDIA, NETFLIX, APPLE, TWITTER, AXON ENTERPRISES and MICRON are bullish in this period.

The federal meeting is scheduled on 13th June 2018. A small short-term correction is probable.

This trend will be visible in European and Asian markets alike.

Indian Stock Market

Indian market remained weak with volatility in the previous session. The bottom will be made by 14.00 HRS IST and then trend shall turn positive until Monday as per astrology.

After Monday’s opening, a correction is possible.

Today, it is the RBI policy which will bring heavy volatility. The market may witness considerable move in both sides.

Intraday perspective:

From opening to 11.40 HRS IST, the trend is slightly positive. At 11.40 HRS IST, you can short; market will suddenly decline till 13.50 HRS IST. From 14.00 HRS IST, the market will start to recover.

Nifty has support at 10500 and resistance at 10650 while Bank Nifty has support at 25900 and resistance at 26500.

Around 13.50-14.00 HRS IST, one can make long position. Today’s closing can be positive.

TRADING RANGE:

• NIFTY FUT: 10540-10650
• BANK NIFTY FUT: 25900-26500

BUY ON DIPS:

• HUL
• GODREJ AGRO VAT
• BALRAMPUR CHINI
• COLGATE
• GODREJ CONSUMER

INTRADAY SELL:

• NMDC
• REC
• CEG POWER
• BEML
• CENTURY TEXTILE
• GLENMARK PHARMA
• STRIDES SHASUN
• JUSTDIAL
• BANK OF BARODA

S/L & TGT ONLY FOR MEMBERS

Crude Oil

Crude oil made a low of 64.22 in the previous session. It certainly recovered from lower levels. For today and tomorrow, trend is positive. It is advised to hold long position with S/L 64 for target 67-68.

On Friday, a correction is likely to happen which may continue in the next week.

One can book profit in long position at the higher level and enter into a short position.

NG

Long NG with S/L 2.84 for target 2.98+. The trend is positive for today and tomorrow.

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