Sunday, 1 May 2016

Weekly Updates (02-05-2016)


Nifty reached the major zone 8000, last week, finally. Couple of Doji has been created at that level, also, indicating a slight disturbance in the prior uptrend. There is also a swing resistance nearby at 8005 levels. Although Nifty is expected to be short this week, it will mostly stay inside the prior range.

Verdict: Short after taking the Resistance at 8005.80, until 7770 levels. 

Key Levels to look for:
Resistance Levels = 8005.80 / 8080
Support Levels = 7770 / 7533


Crude reached our Resistance level (3000) last week and remains near a swing resistance, 3173. Since the candles remain bullish near the Resistance, it would be better to wait until we see any kind of confirmation for a reversal or continuation.

Verdict: Expected to remain neutral after taking the Resistance.

Key Levels to look for:
Resistance Levels = 3173 / 3303
Support Levels = 2930 / 2544


A ‘double top’ like formation in weekly is not yet confirmed for reversal, also we have yet another major Resistance at 30,737 level. Since the buying last week was a strong one, this week Gold is expected to remain neutral, and stay inside the Support & Resistance zones.

Verdict: Neutral. Would remain inside the Support & Resistance zones.

Key Levels to look for:
Resistance Levels = 30,500 / 30,737
Support Levels = 30,161 / 27,970


With successive, strong breakouts Silver is still expected to remain Bullish until the next resistance of 43,000 levels, since the candles are still confirming the long move by breaking above and staying above 41,000 last week.

Verdict: Long until 43,000 levels.

Key Levels to look for:
Resistance Levels = 43,000 / 46,400
Support Levels = 40,100 / 39,150