What to expect next in global markets?

Global Stock Indices

In the previous session, Fed and Reserve Bank of Australia announced a cut in interest rate. S&P500 moved up to 3135 and then tanked down to low of 2976. It again observed a U turn from lower levels and bounced back to 3025. Today, it is Wednesday and Mercury is in retrograde motion. Market may experience heavy volatility. S&P500 can drop down to 2950 or lower. Wait for lower level to accumulate long position. You can make a portion of long position at CMP and rest around 2950. At the closing as well, you can make partial long.

On Thursday, market is expected to trade bullish. At dip or closing hour, you can buy AMAZON, NVIDIA, MICROSOFT and AMD.

On Friday, trend may again be negative.

In next week, positive trend is indicated.

Precious Metals

In the previous session, bullion traded as per our prediction. The low of bullion has been made. Gold made a high of 1653 in the previous session. It has major support at 1620. In coming days, it may cross 1700. On Thursday and Friday, trend is positive. Trend may remain favorable for next week.

It had been advised to book 50% long position yesterday. Hold remaining position. Around 1620-1622, positional traders can add long in Gold.

Silver made a high of 17.50 in the previous session. There onwards, it made a low of 17.17. It had been advised to book 50% profit yesterday. It has support at 16.50. Around 16.80, you can add long in Silver.

In coming days, it may move up to 18.50.

Copper

We were short in Copper with closing basis S/L of 2.63. It made a low of 2.55 in the previous session. Our target of 2.55 has been achieved. Around 2.60, again make short position with S/L 2.63 for target 2.55-2.53.

Crude Oil

It was advised to book profit in crude oil at 48.00 yesterday. Today, weakness may be observed. We should not be surprised if it drops to 45; there, you can make long position (possibly around late US hours). Any bottom made today shall be the yearly low. If any major fall is not observed, still go long at closing. By March-end, crude may cross 58.

Natural Gas

NG made a high of 1.82 in the previous session. A correction may be observed in NG. It is difficult to gauge the intensity of correction. At closing, you can long NG for target 2.20.

US 30 Year Treasury Bonds

Our target of 174.00 was achieved yesterday. In case you didn’t book profit yesterday, book full profit at CMP (172.88).

USD/INR (Indian Rupee)

From last one month, we were saying that USD/INR would cross 73. It made a high of 73.25 where we booked 50% profit. Hold remaining position. Around 72.50, again add long in USD/INR.

Indian Stock Market

In the previous session, Nifty made a low of 11130 and high of 11340 while Bank Nifty made a low of 28750 and high of 29300. Today, heavy volatility may be encountered due to retrograde Mercury and Wednesday. On Thursday, market is again bullish. On Friday, market may again turn weak. In next week, trend is again positive.

With S/L of 11020, positional traders may hold long position in Nifty for target 11600-11800.

Intraday perspective: market may trade uncertain till 11.15 HRS. From 11.15 to 14.30 HRS, market may trade mixed to bullish. From 14.30 HRS to closing, weakness is indicated. Bank Nifty may see more of weakness today. Closing may be bearish.

At closing, you can long indices for tomorrow.

IMPORTANT NOTE: High volatility is indicated. Day traders should be careful.