Global Equity Indices
The top of market has been made on 13th January 2021 with S&P500 at 3818. On Friday, market closed negative as per our expectation – S&P500 closed at 3743 while DOW closed at 30630 and NASDAQ closed at 12760. RUSSELL closed at 2112. If the top is not crossed then S&P500 may be heading towards 3670-3620. Positional support for S&P500 lies at 3600. If this support is breached then downtrend can be significant.
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Indian Stock Market
The top has been made in last New Moon wherein high for Nifty was 14660 and that for Bank Nifty was 32950. If these highs are not crossed then a significant downtrend is possible as per astrology. Last Friday, the market traded downward as predicted.
Bullion may behave supportive for the day. With S/L of 1800 and 24, hold long position in Gold and Silver. Gold has a resistance at 1855 and Silver has a resistance at 25.30.
From Tuesday to Friday, view is downward for precious metals. Hence, avoid carrying long position for this timeframe. Gold may retest 1765 while Silver may drop below 24.
At Friday’s closing hour or lower level, positional traders can make 50% long position in Gold and Silver. Remaining long is advised in the next week.