24 May 2019: Part of Daily Newsletter

We congratulate Shri Narendra Modi & BJP for the historic mandate received in Lok Sabha elections.

Global Stock Indices

S&P500 made a low of 2800 in the previous session. Around 2812, it was advised to book profit in short position and shift to long position there itself (along with DOW, NASDAQ, RUSSELL). Today, market may move upward but closing can again be bearish. On Monday, US market is closed. Futures contract of indices may trade downward. From Tuesday, market will move up from lower levels. Around 2845-2850, it is advised to book profit in long position of S&P500 and enter into short position (50%) along with other indices.

At CMP, it is advised to book profit in short position of indices at CMP & wait for higher levels to make fresh short position.

Precious Metals

We asked you to long Gold @ 1271 and Silver @ 14.37. In the previous session, we asked you to book 50% profit in Gold @ 1286. Next week is bullish. Add long in Gold @ 1275-1278 or at the closing hour.

Industrial Metals

We asked you to long Copper @ 2.66 in the previous session. It is advised to book profit at 2.70.

Energy Products

Crude Oil

The bottom of crude oil has been made. It has major support at 57. In the month of June, considerable uptrend is possible. It may move up to 64. Next week is also positive.

Natural Gas

We asked you to long NG at 2.54. Hold NG with S/L 2.50 for target 2.65-2.70.  

Currency Pairs

EURO (EUR/USD)

Hold long position in EUR/USD for next week. Around 1.1240, book 50% profit.

POUND (GBP/USD)

Hold GBP/USD for target 1.2800.

YEN (USD/JPY)

It is advised to book 50% profit in USD/JPY @ 109.80. Hold remaining position for target 109.

INDIAN RUPEE (USD/INR)

USD/INR made a high of 70.00 in the previous session. Around 69.40-69.50, make long position. In June, USD/INR will cross 72.

DOLLAR INDEX

We asked you to short dollar index at 98 yesterday. Book 50% profit around 97. In next few weeks, considerable decline is indicated in dollar index.

TREASURY BONDS

US 30 Year T-Bond:
We asked you to book profit in US 30 Y T-Bond @ 151.20. Around 150, again make long position.

Yield:

Our targets have been achieved in US 10 Y & US 30 Y Yield and hence full profit book has been booked. At higher level, again short yield.

Indian market traded as per our prediction in the previous session. Nifty May Fut made a high of 12070 followed by low of 11635 while Bank Nifty Fut made a high of 31850 followed by low of 30385. Market closed bearish.

Today, market shall be mixed to positive till 13.00 HRS. From 13.00 HRS to closing, downward trend is indicated. Around 13.00 HRS, you can make short position and hold for next week.

Next Monday-Tuesday, trend can be bearish.

On the higher side, Nifty may move up to 11850 while Bank Nifty may move up to 31000. On the lower side, Nifty may move down to 11600 while Bank Nifty may move down to 30200.

Nifty has a major support at 11480 and resistance at 11900. Hence, these levels should be carefully monitored.