Stock market on 6 November 2018 & Diwali Offer about to end

Global Stock Indices

S&P500 closed on a positive note in the previous session. Dec contract of S&P500 made a high of 2745.75 while DOW and NASDAQ made a high of 25511 and 6969. Here onwards, the market can move up slightly. At a higher level, it is advised to short indices. We’ve advised booking profit in S&P500 @ 2742 along with making 50% short position. Around 2760,  one can add short in S&P500. Short position has to be made in other indices (such as DOW and NASDAQ) as well.

Today, it is the mid-term election in USA. Either due to this election or some other reason, the market can witness a decline which may last till Thursday’s mid-session. In this timeframe, S&P500 can drop down to 2680-2660. From Thursday’s mid-session (after FOMC), market will take a U-turn and move towards bullish trend which will guide S&P500 above 2800 in coming weeks. Around 2680-2660, one can cover short position and enter into long position. There itself, long position has to be made in DOW and NASDAQ as well.

In the European and Asian market, it is advised to book profit in long position. In the next two sessions, the market may decline considerably.

Indian Stock Market

Indian market will have gap up opening today, followed by profit booking. The first half shall be volatile. In the second half, trend shall be bullish (especially after 14.00 HRS). Closing can be bullish.

Today, it is also the expiry of Bank Nifty and more uptrend is indicated for Bank Nifty.

Today, Nifty may try to cross 10620 while Bank Nifty may try to cross 26000.

On 7th and 8th, Indian markets will remain closed on account of Diwali. Hence, it is advised to avoid carrying forward any considerable position over the holidays.

Next day, market will open for one hour of “muhurat trading” from 05.30 to 07.30 PM (IST).

Update on Diwali discount: Last 36 hours left to use the offer.