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Global Stock Indices

In the previous session, American markets corrected reasonably. S&P500 (June) made high of 2858. We asked you to short S&P500 @ 2850, DOW @ 26076, NASDAQ @ 7381, RUSSELL @ 1574. It has been advised to book 25% profit in S&P500 @ 2830, DOW @ 25862, NASDAQ @ 7362, RUSSELL @ 1555.

In coming days, S&P500 may drop down to 2750. Today, it is the FOMC announcement, volatility shall be high in equities. On Thursday-Friday, sharp fall is indicated.  Remain short in indices at higher level. The top of equity for the month has been made yesterday. If S&P500 retests 2845-2850 then add short position. Book partial profit in Hang Seng at CMP.

Indian Stock Market

Indian market shall open downward today. With volatility, downtrend may be visible till 13.30 HRS. From 14.00 HRS, a minor recovery is possible. Today, market may close flat to negative.

Indian market shall be closed on Thursday on account of Holi. Market shall resume trading on Friday. On Friday, downside risk is considerable at opening. Hence, make sure that you have STBT (Short) across indices and stocks in your active positions.

Precious Metals

Due to FOMC, bullion shall be volatile for the day. We mentioned in yesterday’s letter that 1311 is a resistance which if not crossed by Gold then it will start to decline. It made a high of 1310.75 and is currently trading at 1304 while this newsletter is being written. Today, it may breach 1300 for once. Around 1295 and 15.20-15.25, long Gold and Silver.

In the next 2 sessions, bullion is bullish. From medium-term perspective, one can hold Gold for 1375+ and Silver for 16.00+.  Long bullion at lower level.

MCX traders can buy Gold @ 31800-31900 and Silver @ 37800-38000. In next few weeks, Gold may cross 34000 while Silver may cross 42000. Use S/L of 31400 for Gold and 37000 for Silver with this positional long. This month’s expiry of Gold may also be above 32000.

Crude Oil

By Friday, crude may drop down to 57. Hold short position in crude.

Natural Gas

Short NG at a higher level.

USD/INR (Indian Rupee)

We asked you to long USD/INR with S/L 68.30 yesterday. A U turn has been observed after it made a low of 68.34 in the previous session and closed at 68.97. In the month of April 2019, it may cross 70. Hence, continue holding long position with S/L 68.30.

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