Global Stock Indices
S&P500 March contract made a low of 2695.62 in the previous session while DOW and NASDAQ made lows of 23428 and 7816 respectively. RUSSELL made a low of 1290. We mentioned that a quick recovery would start after Mercury turns direct on 10th March 2020. S&P500 is trading around 2876 at the moment while DOW is trading around 24985 and NASDAQ is trading around 8340. RUSSELL is now trading at 1372. Till 18th/19th March 2020, this uptrend may continue. In this time frame, S&P500 can move up to 3000-3100. Continue holding long positions. Market shall remain positive with some volatility till 18th or 19th.
We asked you to long MICROSOFT, AMAZON, TESLA at US closing. We also advised buying index (NASDAQ, DOW, S&P500) at the closing.
Precious Metals
We are seeing a downtrend in precious metals. Gold made a high of 1704 and dropped sharply. It made a low of 1649 in today’s session. If it does not cross 1711 then it can drop down to 1610 or below by Friday. There onwards, upward move is possible. Gold may cross 1740. Silver may move down to 16.50-16.60. At lower levels, it is advised to buy Gold and Silver. We went short in Gold at 1700 yesterday.Â
Energy Products
Crude Oil
Crude made its bottom yesterday. Here onwards, uptrend is indicated with volatility. Till 26th April, uptrend is possible. If the bottom made yesterday (27.34) is not breached then it may continue to move up. It has major resistance at 37. As soon as it is crossed, oil will jump. As per astrology, trend is upward till the end of month. Â
We went long in Crude (MCX) @ 2260 with S/L 2118.
Natural Gas
NG made its low in the previous session. It is trading around 1.84 at the moment. Resistance lies at 1.95. As soon as resistance is crossed, it may move up to 2.20.
Currency Products
EURO (EUR/USD)
EUR/USD made a high of 1.1469 in the previous session. Make short position at higher level (1.1355 with S/L 1.1460) for target 1.1200.
POUND (GBP/USD)
GBP/USD will drop from here. Short GBP/USD with S/L 1.3150 for target 1.3000-1.2950.
YEN (USD/JPY)
USD/JPY made a low of 102.00 and took a U turn. Here onwards, it may move up to 107.00. Long 50% USD/JPY with S/L 102.00.
INDIAN RUPEE (USD/INR)
HOLIDAY
DOLLAR INDEX
Dollar index made a low of 94.40 in the previous session and bounced back to 95.84. Around 96.50, you can make short position.
BONDS & YIELD
US 30 Year T-Bond
It was advised to short US 30 Y T-Bond yesterday. It made a high of 188.00 and dropped to 180.00. It may further drop to 178. Book 50% profit in short position at CMP (180.33). Hold remaining position for target 178.
Yield
We asked you to long yield at lower level yesterday (US 10 Y @ 0.49 & US 30 Y @ 0.99). US 10 Y moved up by 47% while US 30 Y moved up by 35%. Continue holding the long position.