16 October 2019: View on global markets

Global Stock Indices

Due to the hope of US-China trade easing, US market went towards the higher side. S&P500 made a high of 3003 and closed at 2995. In a day or two, it may drop down to 2950 or lower. China has declined a potential deal at this point.

On 31st, it is also the BREXIT deadline. As per astrology, the date 31st October 2019 is ruled by Saturn-Venus-Mercury. In Navmansha chart, Saturn will conjunct with Mars (enemy). Venus and Mercury are also weak at this point. Hence, exit of Britain (UK) from Europe may be a loss-making deal for Britain. This may lead to a considerable reaction in equities on the negative side while bullion (especially Gold) may trade highly positive.

In European market as well, downtrend may be visible till Thursday.

Precious Metals

In the previous session, Gold made a high of 1501 and then made a low of 1480. Around 1485, we asked you to buy Gold. By the weekend, it may move up to 1520-1530. It has resistance at 1503 which if crossed may lead to considerable positivity. Silver has resistance at 17.80 which if crossed may lead to considerable positivity.

Next Monday, the uptrend may be observed in precious metals. By the end of month, Gold may cross 1600 while Silver may cross 21.

Indian Stock Market

Indian market closed positive in the previous session. It looks like Diwali shopping is visible. Market is overall bullish till Friday. On Monday, we mentioned that one can hold Nifty for 11700-11800 and Bank Nifty for 30000.

In the previous session, Nifty made a high of 11480 while Bank Nifty made a high of 28780.

Today, market shall be highly volatile. However, overall positive trend is indicated.

Intraday perspective: market may open positive and witness profit booking. From 10.30 HRS to closing, market may trade positive with some volatility.

PSU banks may witness uptrend in today’s session.

Crude Oil

Around 52.50, long crude oil. By Friday, it may bounce back to 54-55.

Natural Gas

NG made a high of 2.34. Continue holding long position.


USD/INR triggered our first target of 71.70. We bought USD/INR at 69.80.