Part of Daily Newsletter sent on 2nd November 2018
Global Stock Indices
The market traded as per our prediction. S&P500 made a high of 2740 while DOW made a high of 25300 and NASDAQ made a high of 7037.
Today as well, the market shall trade positive. In the second half, profit booking is possible. 2765 is a resistance for S&P500. If the resistance is crossed then it will move up to 2800. Next week is also positive for equities. It is advised to remain with “buy at dips” strategy. Positional traders can book 50% profit in S&P500 around 2740.
In the European and Asian market as well, book 50% profit at CMP and hold the remaining position. At lower levels, one can buy back the original position.
Indian Stock Market
Indian market is ready for Nifty to touch 10,500- our first target in short term. We have been asking you to long Nifty since it was trading around 10,000. We advised buying Bank Nifty @ 24400. At the same time, we also asked you to buy banking, finance, mining, metal, realty and FMCG stocks:
- YES BANK
- BANK OF INDIA
- AXIS BANK
- ICICI BANK
- JSW STEEL
- SHRIRAM TRANSPORT
Positional traders are advised to book 50% profit today (Nifty around 10500 and Bank Nifty around 25500). Next week is also positive.
After gap up opening, first 30 minutes may observe some profit booking. From 09.45 to 13.45 HRS, market will experience heavy volatility. Both side trend will be observed but overall trend shall be positive. Remain with “buy at dips” strategy.
Around 13.45 HRS, book 50% profit in long position. After 13.45 HRS, profit booking is indicated in index and index stocks which may last till closing. At closing, you can buy back this 50% position for next week.
Next Monday, market may be mixed to positive but Tuesday is expected to be bullish.
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