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INDIAN STOCK MARKET

Gap down opening is indicated. Market shall then recover. Market shall be volatile to positive until 14.30 HRS IST followed by small profit booking. Next week is positive for the market.

It is advised to buy Nifty at lower level (10420-10440) and Bank Nifty around 24800-25000.

You can buy call options in Nifty and Bank Nifty for strike of 10500 and 25000.

Global Equity Indices

In the weekly letter, we mentioned that Tuesday-Wednesday would be negative for the market. A lower target of 2700 was given for S&P500. The target has been certainly achieved with S&P500 making a low of 2704 while NASDAQ and DOW made a low of 6842 and 24930.  We already advised booking profit in short at the lower level and shifted to the long position.

Today, the market seems to be positive. Next day as well, market shall be mixed to positive. In next week as well, market shall be positive – S&P500 can reach 2780.

After 8th/9th March, the market may again move in a dangerous phase.

It is advised to cover a short position and enter into long position for the European and Asian market as well. FTSE made a low of 7136 while CAC and DAX made a low of 5291 and 12309. Hang Seng made a low of 30357. A fall of over 1200 points has been observed.

PRECIOUS METALS

It is advised to buy Gold @ 1315-1317 with S/L 1308 and Silver @ 16.25-16.35 with S/L 16.00. Hold this position for target 1360-1400 (Gold) and 17.00-17.50 (Silver).

INDUSTRIAL METALS

It is advised to long Copper at lower level with S/L 3.09 for target 3.22-3.26.

CRUDE OIL

The bottom of Crude oil has been made. It is advised to add a long position in oil at 61.40-61.50 with S/L 60.40 and hold for target 64.

EUR/USD

Add long position in EUR/USD @ 1.2180 for target 1.2380-1.2480.

USD/INR

Book full profit in USD/INR @ 65.50. Short USD/INR at the higher level with S/L 65.70.

DOLLAR INDEX

Short dollar index at the higher level. It’ll take a U-turn shortly. In next week, it’ll retest 88.50.

GBP/USD

It is advised to buy GBP/USD with S/L 1.3690 for target 1.3900.

USD/JPY

Book 50% profit in USD/JPY @ 106.

US Treasury Bonds & Yield

Book 50% profit in US 30 YR T-Bond @ 143.40-143.50. Hold rest with S/L 142 for target 144.50.

Yield: Hold the short position for next week.

INDIAN STOCK MARKET 

Gap down opening is indicated. Market shall then recover. Market shall be volatile to positive until 14.30 HRS IST followed by small profit booking. Next week is positive for the market.