GLOBAL STOCK INDICES

In the previous session, market closed positive as per our expectation. The high of indices are as follows:

• DOW: 26343
• S&P500: 2915
• NASDAQ: 7540

Today, market will open positive followed by downtrend. Uncertainty may prevail in the stock market. A major selloff is expected around Friday or next Monday. Next week is the last week of bearish trend. One can short S&P500 @ 2910-2915, DOW @ 26300-26350 and NASDAQ @ 7525-7550 or buy corresponding put options. Hold position for next week. We asked you to long TILRAY @ 109 earlier. It made a high above 150 in the previous session. One can make 50% short in European and Asian market today at closing hour. Remaining short position has to be made on Friday.

PRECIOUS METALS

Long 50% Gold @ 1203 & rest @ 1195with S/L 1190. It can observe a short covering any time before FOMC announcement. Gold has resistance at 1221 if crossed a breakout is possible.

CRUDE OIL

Crude oil shall drop in today’s and next session. It can drop below 68.00. Use S/L of 71.00 with short position.

INDIAN STOCK MARKET

Indian market went through a selloff. Nifty Sept Fut and Bank Nifty Sept Fut made lows of 11297 and 26525.

Today, Mercury has changed position, it has moved to Virgo.
For today and Friday, we are expecting a bounce back in the equity market. Nifty has support at 11270 and resistance at 11500 while Bank Nifty has support below 26500 and resistance at 26800.
Due to transition in Mercury, Bank Nifty can witness positivity in today’s session.
In next week, a major decline is possible. Positional traders may make 50% short position today at closing and remaining on Friday or buy corresponding put options in Nifty and Bank Nifty.
TRADING RANGE:
– NIFTY FUT: 11300-11400
– BANK NIFTY FUT: 26500-26800
BUY ON DIPS:

• SR TRANSFIN
• BHEL
• HOEC
• MCX

SELL AT HIGHER LEVEL:

• TATA MOTORS DVR