Global Stock Indices
In the previous session, the American market closed negative. In today’s Asian hour (when we are writing this newsletter), S&P500 made a low of 2926 while DOW made a low of 24292, and NASDAQ made a low of 9322. At 2975, we asked you to short S&P500 – the short position has been covered at 2928. Today, it is the Sun-Saturn and Moon-Venus conjunctions along with New Moon. The market will move in both directions. The opening may be downward. Closing may be positive. On Monday, the market shall remain closed on account of Memorial Day. Next week is supposed to be positive for the stock market. FB, AMAZON, APPLE, NETFLIX, DISNEY, and MICROSOFT can be bought at lower levels. Next week, automobile (GM, FORD, TESLA) and auto ancillary units, power-related stocks may outperform.
S&P500 has support at 2880 and resistance at 2980. It is advised to cover short in European markets today at lower levels and also accumulate longs for next week. HK market will close today on a weak note. You can long Hang Seng at lower levels today and hold for next week.
In the previous session, sharp decline was expected in Gold. Gold breached 1720 while Silver breached 17.50. For today as well, weakness may be observed in precious metals. In short term, a considerable drop is indicated in bullion. We asked you to short Gold at 1774 and Silver at 18.40. Positional traders may book 25% profit in Gold at 1724 and Silver at 17.25. It is advised to short again at higher levels.
Indian Stock Market
Indian market may open downward. It is going to be a volatile session. Closing can be slightly positive. Long indices and stocks at lower levels. Next week, the market is positive as far as astrology is concerned.
Next week, automobile, auto-ancillary, FMCG, metal, IT sectors shall be supportive.
Nifty has support at 8900 and resistance at 9150. Bank Nifty has support at 17190 and resistance at 18200.
Next week, private banking may also turn supportive.
On Monday, the market shall remain closed on account of Eid. The market will resume trading from Tuesday.
BUY AT DIPS (POSITIONAL):
- RELIANCE INDUSTRIES
- TATA MOTORS
- EICHER MOTORS
- NEW INDIA ASSURANCE
- NATIONAL PEROXIDE
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