Stock market, bullion, crude and USD/INR

Global Stock Indices

In the previous session, S&P500 made a low of 2172. In volatility, it made a high of 2384 and closed at 2235. NASDAQ closed at 6860 while DOW closed at 18591 and RUSSELL closed at 1005.95.

Today, it is expected to be a very positive day. If today’s closing is positive then the top can be expected around Asian hours of Thursday. There onwards, it’ll start to drop and close bearish on Friday. If S&P500 does not breach 2172 then it can move up to 2490-2545 by Thursday. Use S/L of 2172. Around 2400, book 50% profit.

On Friday, closing may be negative. On 30^th, it is the conjunction of Jupiter and Pluto. There, market may move up slightly. On 31^st March-1^st April, sharp decline is possible. After 1^st April, market will enter a positive mode. Some volatility may last till 14^th. After 14^th, volatility may end to some extent. S&P500 can cross 3000 in few weeks. Major question is if we will see a new bottom around 1^st April 2020.

Indian Stock Market

Indian market reacted negatively to the coronavirus lockdown across India. Nifty made a low of 7520 while Bank Nifty made a low of 16783. Here onwards, market may behave positive till Friday. If Nifty doesn’t breach 7500 then it can move up to 8200-8500. Today and tomorrow are positive. It should be seen if market closes bullish today then it may continue to trade positive till Friday.

Next Monday, Jupiter will conjunct with Pluto and can keep market positive. However, between 31^st March and 1^st April, a sharp decline is possible. From 2^nd April, market will enter a positive mode. It’ll gradually move in upward direction. After mid-April 2020, it’ll enter a bullish phase. Major question is if we will see a new bottom around 1^st April.

Investors should wait for 1^st April to make fresh long position.

Note: The effect of coronavirus will reduce from first week of April. On 16^th April, Sun will enter Aries wherein good news may start coming in this context. On 22^nd April, Rahu will change nakshatra (it’ll enter mrigshira). There onwards, the fear of coronavirus will reduce drastically. By May-end, the situation will improve further.

In the last 1.5 hours, blue chip stocks may witness recovery.

Precious Metals

Bullion shall be positive till tomorrow. Gold may move up to 1700. Gold April future made a high of 1599 in today’s Asian hour. If it sustains above 1600 then it can move up to 1650-1720. On Thursday-Friday, sharp decline is possible which may continue for next week.

It is advised to book 50% profit in GOLD @ 1595 & hold remaining position with S/L 1540. Silver crossed 14.00; it is advised to book 50% profit at CMP (14.05) and hold remaining position with S/L 13.25 for tomorrow. It may move up to 15.

MCX: MCX price of Gold is lower by 2000 Rupees in comparison to its Gold equivalent as lock-down is resulting into failure of delivery orders. Trade accordingly.

Crude Oil

Crude didn’t breach 20.00 in the previous session. By Thursday, it may move up to 27-28. It is advised to book 50% profit at 24.60. Hold remaining position with S/L 23.00.

USD/INR

Around 76.00-76.30, book 50% profit in USD/INR long position. Hold remaining long.