S&P 500 Strategy : Nifty and Gold and Silver

GLOBAL INDICES and s&p 500

In the previous session, S&P 500 made a high of 4644 followed by a  correction in which a low of 4565. At 4630, it was advised to book profit in the long position. At 4577, it has again been advised to long s&p 500. At 16178, it has been advised to long NASDAQ. The stock market is expected to recover in today’s session. 4620-4650 could be achieved by s&p 500. However, Thursday is again a downtrend day. Uncertainty may continue to dominate across global markets. The market will trade like a football. s&p 500 (Spot) has support at 4550 and resistance at 4670. At the higher level, it is advised to take a short position.

NIFTY

It was advised to buy Nifty around 17000 – it made a high of 17349 in the previous session (followed by correction). We booked profit in Nifty at 17290. Next buying was advised at 17045 – booked profit at 17190. Again, a buy was
advised at the closing hour – 17018. Nifty Fut has resistance at 17300-17350 and support at 16800. Bank Nifty has support at 35700 and resistance at 37000. Today’s session will have big moves in both directions.

BULLION/PRECIOUS METALS

Yesterday, it was advised to short Gold at 1800- booked profit at 1781 and Silver at 23.30- booked 50% profit at 22.80. Now, it has been advised to buy Gold at 1777 with S/L 1771.

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