Global Stock Indices
In the previous session, S&P500 closed at 3388. It has resistance at 3400. Today, profit booking may be observed in the American market. Around 3360-3350, book 50% profit in short position.
We asked you to long TESLA around 765 and 855. It made a high of 936 in the previous session and we advised profit booking at 932. We asked you to long AMAZON @ 2155. 50% profit booking had been advised in live signals at 2176. With S/L of 331, we went short in APPLE at 323 yesterday / bought put options. DE & CO. will announce earning on Friday. We expect it to be positive and hence you can long DE & CO. You can short NASDAQ at CMP with S/L 9811 for target 9620. With S/L of 1711, you can short RUSSELL for target 1675 & below. FTSE may witness profit booking in today’s session.
Precious Metals
Bullion shall behave bullish till 24th March 2020. Today, mixed trend is possible. It is advised to long precious metals at dips. Gold has support at 1580 & major support at 1560. Our first target for Gold is 1660 and second target is 1715-1740. Silver has support at 16.80 and our first target is 19.10. Long bullion at lower levels.
Next week is going to be more positive for Silver. Silver May contract may move up to 20-21.
MCX: MCX shall remain closed for the first half on Friday. It’ll remain open for evening session.
Crude Oil
Crude may trade mixed for the day. It made a high of 54. Today, some profit booking is possible. Tomorrow, trend is positive. It may move up to 54.75-55 by Friday. Around 54.75, positional traders can book 50% profit in long position.
Till 15th March 2020, crude can bounce back to 60.
Natural Gas
Continue holding long position in NG. It has bottomed out. By 15th March, it may move up to 2.20.
Currency Pairs
EURO (EUR/USD)
Hold long position in EUR/USD.
POUND (GBP/USD)
Book profit in GBP/USD at 1.2915 and make 50% long position.
YEN (USD/JPY)
Add short position in USD/JPY and hold for 109.80.
INDIAN RUPEE (USD/INR)
Continue holding long in USD/INR.
DOLLAR INDEX
Short dollar index at higher level.
BONDS & YIELD
US 30 Year T-Bond
Around 162.50-162.60, long 50% US 30 Y T-Bond.
Yield
Short US 10 Y & US 30 Y yield at higher level.
Indian Stock Market
It is the last trading day of stock market for this week. Market shall remain closed on Friday owing to Mahashivratri. It is going to be an extended weekend holiday from Friday-Sunday.
On Monday, market may open at lower levels.
As per astrology, Nifty may breach the recent low of 11900 by monthly expiry. On the higher side, it may move up to 12230. Bank Nifty may move up to 31240 and on the lower side, can breach 30000 by monthly expiry.
Today, it is the weekly expiry and volatility may be high. Market may close negative.
Intraday perspective: market may behave supportive till 10.45 HRS. From 10.45 to 14.30 HRS, volatility with downtrend is indicated. From 14.30 to 15.00 HRS, a bounce back is possible. In the last 30 minutes, profit booking may be observed.
Make short in Nifty – 50% around 12150 and 50% around 12220. Make 50% short in Bank Nifty – 50% around 30931 and 50% above 31200.
Around 12060, book 50% profit in short position in Nifty. Around 30600, book 50% profit in short position in Bank Nifty.