Indian Stock Market
Indian market traded as per our prediction in the previous session. Nifty (Fut) made a high of 12116 and low of 12026 while Bank Nifty (Fut) made a high of 32100 and low of 31705. Despite mass expectations, RBI remain unchanged in interest rate. RBI has also cut annual GDP growth forecast from 6.1% to 5%. The projection for inflation has increased. All these factors are not good for health of the stock market. Today as well, market may remain volatile to choppy. Closing may be negative.
After 10.15 HRS, it’ll start to drop and with volatility, this downtrend may continue. Around 12080-12100, you can short Nifty for target 12030-11982. You can short Bank Nifty around 31900-32000 for target 31500-31300.
Mercury transited into Scorpio yesterday. This is going to build pressure on telecom and banking stocks. Remain short in telecom and banking stocks.
Hold short position in crude oil for target 55. If it moves up to 59.50-60.00 then add short position. From 11th December, we are seeing a considerable decline in crude. In next 2/3 weeks, it may drop down to 52 or below.
Global Stock Indices
In the previous session, market was choppy. S&P500 made a low of 3105 and high of 3123. Today, it is the non-farm payroll announcement wherein we don’t expect it to be in favor of stocks (as jobs data may decline). Hence, a correction may be visible in the market. On Monday, Asian market may open lower. The major downtrend will start from FOMC on 11th December 2019. This correction may last for 3-4 days. It is our astrological view that FOMC may remain unchanged over interest rate issue. Mercury entered Scorpio, which could pressurize telecom and banking.
Around 3122, you can make 50% short in S&P500 (along with DOW, NASDAQ and RUSSELL). Remaining short position is advised in S&P500 @ 3150 with S/L 3160. If it drops to 3105-3080 then book 50% profit.