Global Stock Indices
Due to the news of BR-EXIT, stock market is moving in upward direction. The PM Johnson’s proposal will be voted on Saturday in this context. He needs minimum 320 votes. As per astrology, this proposal might get rejected. In next week, US market may experience a correction (minimum of 2%). Above 3000, make short position in S&P500. Next week is highly bearish for global equities (until Thursday). Short DOW above 27000, NASDAQ above 7950 and RUSSELL around 1545.
In European market as well, short position can be made at today’s closing.
In Hang Seng, short position can be made.
Indian Stock Market
When Nifty & Bank Nifty were trading around 10700 and 27000, we clearly predicted Nifty to hit 11700 and Bank Nifty to cross 29000. In the previous session, Nifty made a high of 11620 while Bank Nifty made a high of 29180. Our target has almost been achieved. Today as well, market will sustain its positivity. It is advised to book 75% profit by 15.00 HRS (IST). At closing, you can add a small quantity of Nifty and Bank Nifty (long position).
On Monday, market is closed on account of elections in Maharashtra. Hence, market would reopen on Tuesday.
BUY AT DIPS:
- MANAPPURAM FINANCE
- ADANI ENTERPRISES
Oil may move up to 54.50-54.80 on the higher side today. Cover long position there and enter into short position. In next week, it may breach 52.
NG may witness considerable uptrend in next week. Continue holding long position. Around 2.25, add long. By December 2019, it may cross 3.00.
This is the last week for positional traders to accumulate long position in bullion. Next Monday-Tuesday, we expect a considerable uptrend in precious metals owing to BR-EXIT reaction.
On Monday, Gold can cross 1520 while Silver can cross 18.00. In the first week of November 2019, we expect Gold to reach 1600 and Silver to reach 21.
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