21 June 2019: View on stocks, metals and oil

Global Stock Indices

US markets closed positive in the previous session. S&P500 didn’t cross the resistance of 2965. DOW made a high of 26820 while NASDAQ made a high of 7820 and RUSSELL made a high of 1575. Using previous day’s high as stop loss on closing basis, short equity indices. Today, Neptune is retrograding. It may lead to a 4-5% correction anytime soon. If S&P500 breaches 2930 then sharp fall may be seen. On Monday, market may start at lower levels.

Precious Metals

Today, Gold made a high of 1414 while Silver made a high of 15.55. Trend is again bullish for the day. Continue holding long in Gold with S/L 1390 for target 1420-1430 and Silver with S/L 15.30 for target 15.62. Around 1420, book 50% profit in Gold. In the next week, a sharp correction is due on Monday.

Hence, square off long position in Gold and Silver today and again buy back at dips in the next week. Overall, we are bullish (with volatility) on bullion till August 2019.

Industrial Metals

Copper crossed 2.72 in the previous session. It has entered bullish zone. Positional traders shall hold Copper with S/L 2.59. From 28th June, uptrend will magnify. In next few weeks, it may cross 3.00.

Energy Products> Crude Oil

Crude has crossed 57. Uptrend of 6.5% was observed in a single session. We are highly bullish on oil. Positional traders can continue holding long in crude with S/l 55. Around 60, book 50% profit. By August, a new high of 2019 for oil may be made.

Indian Stock Market

Indian market went through a short covering in the latter half of previous session. The market closed positive. Nifty made a low of 11680 followed by a high of 11860 while Bank Nifty made a low of 30280 followed by a high of 30775.

Today, Neptune is retrograding. It may lead to a major correction in the next 2-4 days. Avoid long position in Nifty and Bank Nifty.

Intraday perspective: the market is uncertain to bearish till 13.30 HRS. From 13.30 HRS, a minor recovery is possible. At closing, one can short a small quantity of nifty and bank nifty.

We asked you to buy PNB, BOI and YES BANK at lower levels in the previous session. In next 1 month, a considerable uptrend is possible in the above stocks.

BAJAJ FINANCE and ZEEL may witness decline soon.