Indian Stock Market
Indian market witnessed a sharp selling in the previous session. Nifty made a low of 10600 while Bank Nifty made a low of 24600. This uncertainty may continue till 13.30 HRS IST. From 13.30 HRS IST, it may move up.
RBI policy will boost market.
Yesterday, the government has reduced price of petrol and diesel in a fashion similar to how they do it before every election. RBI policy may also be affected by elections. Here onwards, market will be bullish with ups and downs till 19th October.
Nifty Fut has support at 10490 while Bank Nifty has support at 24400.
One can make long position prior to RBI announcement.
In the previous session, IOCL, BPCL and HPCL declined by 20%. It is advised to long these stocks at lower levels.
GLOBAL STOCK INDICES
US markets declined sharply last night. S&P500 made a low of 2890. Today’s closing in American market shall be positive. Here onwards, market will be positive with volatility till 20th October. In this timeframe, S&P500 can move up to 2980-3000.
On Monday, US market can start at lower level. Hence, book partial profit in long position at higher levels today.
At today’s opening you can buy the following stocks:
- AMAZON
- APPLE
- NETFLIX
- TESLA
- MICROSOFT
- BANK OF AMERICA
Today, it is the non-farm payroll announcement.
PRECIOUS METALS
Today, it is the non-farm payroll announcement which may drive bullion upward or towards a breakout.
For any reason if Gold and Silver do not move up in today’s session then we are still hopeful about positivity from next week. Trend is certainly bullish for precious metals in short term. Long Gold and Silver at lower level with S/L 1190 and 14.20.
ENERGY PRODUCTS
CRUDE OIL
Crude oil made a low of 74.60 in the previous session. Positional traders can hold position for target 68 or below.
CURRENCIES
EURO (EUR/USD)
Hold EUR/USD for target 1.1800. Major reversal is due on Monday. Book partial profit in EUR/USD @ 1.1600.
POUND (GBP/USD)
Hold GBP/USD for target 1.3200. Around 1.3100, book partial profit in GBP/USD.
YEN (USD/JPY)
USD/JPY can drop down to 110. Around 113, book partial profit in USD/JPY.
INDIAN RUPEE (USD/INR)
Short USD/INR at today’s closing hour for target 71.
DOLLAR INDEX
Dollar index may drop to 93 in coming days. Top has been made. Short dollar index at higher level.
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