Part of Weekly Newsletter sent today (31 August 2020)

Indian Stock Market

Until Wednesday, downtrend is expected. On Thursday & Friday, uptrend is possible. On 7th and 8th September, market may move higher. In this week, Nifty has resistance at 11800 and can drop down to 11500-11400 while Bank Nifty has resistance at 25000 and can drop down to 23500-23000 (by Wednesday or Thursday’s opening). Major reversal is due on the 10th & 13th owing to planetary conditions.

Intraday perspective: market may open positive and will trade upward until 10.30 HRS. From 10.30 to 14.00 HRS, volatile to negative trend is possible. From 14.00 HRS to closing, it may again move higher.

US Stock Market

In the previous week as expected, market closed at higher levels – DOW closed at 28621, S&P500 closed at 3506.75 and NASDAQ closed at 12002 while RUSSELL closed at 1576.  

At today’s Asian opening, S&P500 made a high of 3523.88, DOW made a high of 28783, NASDAQ made a high of 12091 while RUSSELL made a high of 1585.

S&P500 has support at 3470-3480 and resistance at 3536-3550. American market may reverse from higher levels. With S/L of 3555-3560 and 12200, you can short S&P500 and NASDAQ. Downtrend may be observed from Monday to Wednesday.

Precious Metals (Gold/Silver)

Bullion may behave weakly for today and tomorrow. Accumulate long position at lower levels. Our view is bullish in the near term.