The CPI data on Thursday may drive the stock market downward. The stock market may show recovery signs on Friday. On Monday, trend is positive. A drop may be witnessed in the middle of next week. Took a short position in S&p500 at 3830 and NASDAQ at 11100. A new low is possible in NASDAQ. Update: Covered short position of S&P500 at 3757, Nifty at 18050 & Bank Nifty at 41500. Not holding any position in Nifty and Bank Nifty at the moment.
Dollar index may continue its uptrend until 11th November 2022. From there, a reversal is possible.The bottom is indicated next week.
It was advised to short crude oil at higher level with closing basis S/L 93.50. Covered this short position at 85.50. Made long in crude at 85. Also, took a short position in NG at 6.20 – covered at 5.82.
Important Update: We were in bearish trend for the stock market from Tuesday. It was expected that the downtrend may continue till Thursday. On Thursday, S&P500 made a low of 3747 and Nifty made a low of 18025. Thursday’s lower closing was incorrect. S&P500 made a high of 3967. Major resistance lies at 4000-4050. Three major planetary changes are due over the weekend. There is a square of Saturn-Sun today. The stock market is in an overbought zone and may be headed lower until 15th November’s closing or 16th November 2022’s opening. From there, a reversal shall happen. Dollar Index may see a reversal from today’s session and the top may be made by 16th November 2022. The positional view on Gold, Silver and Copper is bullish. A small correction is possible in metals but dips can be bought.
Indian market will see a top in today’s session and will be headed lower until 16th November 2022.