Global Stock Indices
In the previous session, US market closed positive. S&P500 closed at 3379. In today’s Asian hours, a slight profit booking was observed wherein S&P500 made a low of 3364.
Today, mixed trend is indicated. Major reversal shall be observed from Friday and may continue for next week.
S&P500 has support at 3350. If the support is breached then sharp correction may be initiated. Above 3382, it may move up to 3400.
Indian Stock Market
Today, it is the weekly expiry and hence high volatile may be observed in the equities.
From Friday to next Monday/Tuesday, a sharp correction may start.
Nifty (Spot) has resistance at 12250 and support at 12100. Bank Nifty (Spot) has resistance at 31865 and support at 31000.
In coming days, Nifty may breach 12000 while Bank Nifty may breach 31000.
Crude Oil
Crude is taking a U-turn after making bottom. It has support at 50 and resistance at 52.20. From tomorrow or next week, a positive phase may start for crude oil which would continue till 15th March 2020 (wherein crude can move up to 58-60). Positional support for oil lies at 49.00 (closing basis). Book partial profit in crude at 51.50.
Precious Metals
The bottom of bullion has been made. For today and tomorrow, trend is positive (especially tomorrow). If Gold moves up to 1580-1582 or Silver moves up to 17.80, book 50% profit in respective metal.