Stocks and commodities for 10 to 13 April 2017

Global Equity Indices

In this week, there is more of downside risk in stocks. S&P500 FUT can decline to 2330-2300 in the current week. This negativity shall continue for next week as well. From Monday to Tuesday, market may be slightly supportive. At most, S&P500 FUT can move up to 2365. It is advisable to “sell” on rise.

PRECIOUS METALS

Bullion went through a sharp selling on Friday. Today and tomorrow, trend is mixed to bearish for gold and silver. Gold has support at 1250 while Silver has support at 17.80. If support is breached then Gold can decline to 1240-1230 & Silver can decline to 17.60-17.50. In a day or two, market can suddenly bounce back. Hence, trade with caution.

On 12th’s US opening or 13th’s Asian opening, bullion shall start to move in positive direction. By the end of April 2017, Gold may cross 1280 while Silver may cross 19.00. Positional trader may long 50% position after 12th April’s US opening and rest around 13th April 2017 (if available at lower level).

Alert: Hold long position in Gold with S/L of 1250.

INDUSTRIAL METALS

Copper and other base metals shall be mixed to negative till tomorrow. From 12th, it shall start moving in positive direction. This may continue in next week as well.

TRADING RANGE:

COPPER: 2.65-2.60

CRUDE OIL

Crude oil shall be positive for the day. It can move up or 53 or slightly higher. From next day to the weekend, negative trend is indicated. On the lower side, 50.00 can be reached.

NG

NG shall be in negative trend for the week. Sell NG at higher prices. By weekend, it can drop down to 3.00.

EUR/USD

EUR/USD shall decline for today and tomorrow. 1.0500 is a considerable support. From 12th, it shall move in positive direction.

USD/INR

USD/INR shall be rangebound for the week. From 13th, USD/INR may decline. In this week, it shall trade between 64.20 and 64.60. From 13th, it shall start to move in positive direction. After next week, it can cross 65.

DOLLAR INDEX

Dollar index can move up to 101.50 in a day or two. From Wednesday, it shall start to decline. Weekly closing shall be around 100.00.

USD/JPY

USD/JPY can move up to 112-112.50 by tomorrow. From Wednesday, it shall start to decline. By weekend, it can drop to 110.50.

US Treasury Bonds Yield

Treasury bonds yield shall trade positive till tomorrow. US 10 T YR can move up to 2.42-2.45 while US 30 YR T can move up to 3.03-3.05 by tomorrow. After 12th April, it shall start to decline. You may short treasury bonds yield at mentioned higher prices.

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INDIAN STOCK MARKET

Indian market has more of downside risk in the current week. Nifty can decline to 9150-9060 in the current week. This is a short week as market is closed on Friday.

From 10th to 11th, market has potentials to come up in positivity. From 12th, it shall start to decline. This negativity may continue for next week.

TRADING RANGE:

• NIFTY FUT: 9280-9180
• BANK NIFTY: 21600-21300

On 12th, Mercury is combusting. This may bring negativity in banking and financial stocks.

Stocks supportive for current week:

• APOLLO TYRES
• CEAT
• DHFL
• JAIN IRRIGATION
• DILIP BUILDCON
• BHEL

INTRADAY BUY:

• TVS ELECTRIC S/L 174 TGT 190
• NOCIL S/L 92 TGT 105
• RCF S/L 81.50 TGT 86
• CONCOR S/L 1112 TGT 1148

SELL:

• LUPIN S/L 1415 TGT 1390-1380