Indian Stock Market
Indian market went through a considerable panic. Nifty Spot and Bank Nifty Spot closed below 11100 and 28800. Mercury is turning direct in the following session. It is the last day of uncertainty. As per astrology, recovery is indicated from the following session. Nifty has a support at 11000. With S/L of 11000, long position can be made for target 11150-11200. You can long Bank Nifty with S/L 28600 for target 29000-29200. It is advised to trade with caution as uncertainty may prevail.
Global Stock Indices
It is going to be an eventful day due to FOMC announcement. At minimum, a cut of 0.25% is expected in interest rate. From lower level, market recovered in the previous session. After covering short in S&P500 at 3005, we asked you to enter into long position (50%). You were also advised to long RUSSELL @ 1562. Around 1580, it is now being advised to book 50% profit. US market closed flat to negative in the previous session. S&P500 closed at 3013 in the previous session. RUSSELL closed positive.
After FOMC announcement, market may move in positive direction. It is advised to long indices at lower levels. If S&P500 drops down to 3000-2990 then add long position. S&P500 can move up to 3035-3050 in the following session. Market shall trade positive till next session. From Friday, market may start to correct.
Asian and European markets shall trade positive from next session as Mercury is turning direct. At lower level, long indices.
It is advised to long bullion at lower level(s). Add long in Gold @ 1410-1415. After FOMC announcement, bullion is expected to move in positive direction. Gold may move up to 1465-1475 while Silver may move up to 17.00.
MCX Traders: Gold is going through a confused state on MCX. We see a positivity in Gold however uptrend is not being visible in MCX. Yesterday, Gold should have moved up to 35000 but it touched a bottom of 34290. Here, trend is uncertain and beyond comprehension. Gold has a positional support at 34000. Hold long in Silver with S/L 40800 for target 42000-43000. At closing hour, you can long small quantity of GOLD – OCTOBER contract. In the next session, uptrend is possible.
EUR/USD may move up in the following session. It can go up-to 1.1250-1.1300. Hold long in EUR/USD.
GBP/USD may also bounce back from this level. It is advised to long GBP/USD at CMP. At current level, long GBP/USD with S/L 1.2050 for target 1.2300-1.2400.
Hold short in USD/JPY for target 108.00-107.50.
INDIAN RUPEE (USD/INR)
Long USD/INR around 68.70 with S/L 68.50.
Dollar index may decline in today’s session. It may move up to 96.50 or lower. It can drop down to 96.50 or lower.