GLOBAL STOCK INDICES
Today, uncertainty may prevail in global markets. The trade war may lead to highly bearish trend in the coming days. The Turkey, China, Russia currency war with American Dollar may continue hitting emerging economies; magnitude may increase. On 17th – early Asian morning, Sun will enter Leo; which will be negative for markets ahead. On 19th, Mercury will turn direct. The fall may increase. On 27th, Mars may turn direct. This panic may lead to decline till October 2018.
In the month of September and October, geopolitical tension may rise which will be negative for the stock market.
Positional traders may buy put options in S&P500, DOW and NASDAQ. S&P500 may drop to 2700 or below by October. You were earlier advised to short S&P500 @ 2860, NASDAQ @ 7480 and DOW @ 25550 *-September contract. This short position has been covered yesterday for once. Around 2825, we advised buying S&P500 (Sept) with S/L 2819. Around 2840-2850, you should close the long position and enter into short position once again with S/L 2873. At higher level, short DOW and NASDAQ as well.
Today, the result of HOME DEPOT will be announced. We advised you to buy HOME DEPOT on dip with S/L 189 for target 200+. It closed at 194 in the previous session.
PRECIOUS METALS
In the previous session, bullion went through sudden decline. Gold Dec contract made a low of 1199 while Silver Sept contract made a low of 14.97. Gold has support at 1188 and resistance at 1225 while Silver has support at 14.90 and resistance at 15.50.
Today, a conjunction of Moon-Venus will be formed. Bullion should move up in today’s session (especially after 14.00 HRS IST). If the uptrend is observed then it may remain upward till Wednesday/Thursday.
With S/L of 1188 and 14.90, remain long in Gold and Silver. If Gold crosses 1227 then add position in Gold.
The trend can again turn weak for bullion on Friday. Jupiter-Neptune conjunction will be formed on 19th. By 20th-21st, one more correction may be seen in precious metals. On 22nd, the low may be made and will move towards a short-term U turn. Any long position at this level should be booked by Wednesday/Thursday. Again buy back position on 22nd August 2018.
CRUDE OIL
Crude made a low of 65.72 in the previous session followed by a U turn. Positional traders shall buy crude on dips with S/L 65. It can move up to 70-72. For today and tomorrow, trend is positive.
INDIAN RUPEE (USD/INR)
We have been long in USD/INR since last 3 months for target 70+. In the previous session, USD/INR crossed 70. Positional traders can long USD/INR at lower levels with S/L 69.50 for target 70.20.
INDIAN STOCK MARKET
Indian market remained negative in the previous session. In the coming days, weakness may increase. The top of Nifty and Bank Nifty has been made for now. At higher level, you were advised to short Nifty and Bank Nifty. Decline may increase from Friday.
The next 2 months may witness considerable bearish phase.
Intraday perspective: market may remain slightly supportive till 12.00 HRS IST. From 12.00 HRS IST, correction will start which may continue till closing.
It is advised to short Nifty @ 11420-11440 and Bank Nifty @ 27900-28000.
In the second half of today’s session, PSU banks may witness more of declining trend.
TRADING RANGE:
- NIFTY:11430-11330
- BANK NIFTY: 28000-27700
Market shall remain closed tomorrow on occasion of Independence Day (15th August); hence, it is advised to cover short position today itself.
BUY ON DIPS:
- TATA STEEL
- MAX INDIA
- LT FOOD
- INFOSYS
- TCS
- TECH MAHINDRA
SELL AT HIGHER LEVEL:
- SBI
- ALLAHABAD BANK
- BEML
- BEL
- CANARA BANK
- BANK OF INDIA
Offer on Indian Independence Day:
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