Global Stock Indices
In the previous session, American market closed up by 2-3%. S&P500 closed at 2705 while DOW closed at 24984 and NASDAQ closed above 7000.
AMAZON moved up by 7% and closed at 1782. Aftermarket hours, sharp correction was observed in futures. In off-market / post-closing, AMAZON corrected by 7%. This is like a hangover of bearish trend which should end today.
At 20.30 HRS IST – today, Mercury will change position and enter in Scorpio; this will put an end to the bearish trend prevailing in equities. Next day, Jupiter will change navmansha position.
From 11th October, Jupiter was in exalted navmansa Cancer. There onwards, market entered a downward trend.
Tomorrow, it will end. This will give bullishness in market.
It is advised to long stocks and indices at lower level.
Market shall close positive today. On Monday, market will have a gap up opening in Asian and other emerging markets.
Whenever a reversal is seen in equities, volatility is extremely high. Due to the transition of Mercury at 20.30 HRS IST, it will enforce a short term bullish trend for metals, mining, cannabis, finance, banking, realty, e-commerce and FMCG.
Indian Stock Market
Indian market may continue to experience volatility for the day. This volatility is basically a hangover of the bear trend observed recently. From Monday, market shall enter bullish pattern. In short term, Nifty can move up to 10500-10700 while Bank Nifty can move up to 26000 or above.
Mercury transition at 20.30 HRS IST –today is positive for bank nifty and banking / finance, metal, realty and FMCG stocks.
You can start shopping stocks for Diwali!
Support for Nifty November contract lies at 10090 (on closing basis) while resistance lies at 10300.
For Bank Nifty November contract, support lies at 24400 and resistance lies at 25300.
TRADING RANGE:
- NIFTY FUT: 10100-10280
- BANK NIFTY FUT: 24600-25200
Intraday Timing:
Market may remain weak from opening till 10.00 HRS. From 10.00 to 14.15 HRS, market shall be upward with some volatility. From 14.15 to 15.30 HRS, profit booking or slight negativity is possible.
Buy following stocks for short term:
- YES BANK
- ICICI BANK
- SBI
- PNB
- KOTAK BANK
- DLF
- TATA STEEL
- HINDALCO
- RELIANCE INDUSTRIES
- HUL
- SHRITRAM TRANSPORT
- IRB INFRA
- JSW STEEL
- MARUTI
- TATA MOTORS
Currency Pairs
DOLLAR INDEX
After Mercury transition at 20.30 HRS IST, a trend reversal will be observed in dollar index. In short term, it will move down to 94.50.
INDIAN RUPEE (USD/INR)
Cover short in USD/INR today and enter into long position. From next week, USD/INR is expected to climb upward.