Sunday, 17 April 2016

Weekly Updates (18-04-2016)


Instead of a neutral session, Nifty made a strong bullish move in last week, which signals the buying pressure. This week, nifty is to remain bullish until 8000 Resistance level.

Verdict: Nifty is expected to remain bullish up to 8000 level.

Key Levels to look for:
Resistance Levels = 7930 / 8000
Support Levels = 7780 / 7233


Shooting star at the swing resistance might bring up some short move until 2355 Support level. But, since the shooting star is followed by a bullish engulf pattern, and since the Support level is very nearby, Crude might also go up, depending on bullish / bearish open next week.

Verdict: Open price would confirm the direction of the impending move.

Key Levels to look for:
Resistance Levels = 2902 / 3000
Support Levels = 2645 / 2355


Small real body after a bull sash pattern indicates little trouble on the buying side. But since it’s not at any kind of resistance, gold would still remain bullish in coming week.

Verdict: Long move expected this week.

Key Levels to look for:
Resistance Levels = 29,700 / 30,161
Support Levels = 28,400 / 27,970


Silver after a big long move, now resides at a Resistance level. Also, there are couple of major Resistances nearby at R1 & R2. Hence silver is expected to remain inside S1 & R1 level.

Verdict: Expected to remain neutral.

Key Levels to look for:
Resistance Levels = 38,800 / 38,242
Support Levels = 37,923 / 35,419