mid week technicals of index, currency and commodities 171…
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7/27/2019 Mid Week Technicals of Index, Currency and Commodities 171…
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Retail Research 1
October 17, 2013
Nifty
Mid Week Technicals of Index, Currency and Commodities
Nifty is looking weak on the charts.
Price has tested the upper resistance line three times and
failed to break it.Our medium outlook remains bearish.
Unless Nifty closes above 6170 this view is intact.
Major “wave X/B” ended at 6142 and later “wave a &wave b” have completed now.
In the above “wave b” is irregular (as it retraced 100% of wave a) and the full pattern is flat.
Now “wave c” has begun towards 5715 – 5546(corresponding to 100% and 138.2% projection levels of “wave a&b”)
Technical Indicators
Trend Down
Swing Higher Top Higher Bottom
RSI Bearish
Momentum Bearish
200 Day EMA 5775
CMP OUTLOOK6046 Bearish
Resistance I - 6110 Resistance II - 6170
SPOT - 6046
Suppo rt I - 6030 Suppo rt II - 5950
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Retail Research 2
October 17, 2013
USDINR
Weekly Technical Cover
USDINR pair shows mild weakness on the charts.
The present downtrend could end anytime from now.
The price has tested 50% retracement level of last risingleg and is consolidating near to the support.
The pair has started moving in a falling wedge shape ondaily chart.
We may see trend reversal in forthcoming days.
RSI has cooled off well and could provide room for priceto move on the upside.
On a medium term basis, swing direction still moves inHigher top Higher bottom formation on weekly chart till alower top formation is confirmed.
Any move above 61.95 would confirm the uptrend.
Technical Indicators
Trend Neutral
Swing Higher Top Higher Bottom
RSI Neutral
Momentum Neutral
200 Day EMA 58.89
CMP OUTLOOK61.72 Neutral
Resistance I 61.95 Resistanc e II 62.30
SPOT 61.72
Suppo rt I 60.95 Suppor t II 59.50
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Retail Research 3
October 17, 2013
Gold in US$/ounce
Weekly Technical Cover
Major “wave a” has completed and internals of “wave b”in progress.
Gold could rise upto the channel line (~1400) over few
weeks.
Price has moved below 61.8% level of the latest rise,which is required in the case of flat pattern.
Crucial support at 1250 is 75% retracement last minor rising leg.
Till violation of 1250 Gold may start moving up any timefrom now.
Technical Indicators
Trend Down
Swing Lower Top Lower Bottom
RSI Neutral
Momentum Bullish
200 Day EMA 1424
CMP OUTLOOK
1280.99 Neutral
Resistance I - 1330 Resistance II - 1400
SPOT 1280.99
Suppo rt I - 1250 Suppo rt II - 1230
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Retail Research 4
Octob er 17, 2013
Crude
Weekly Technical Cover
Crude has almost done its corrective leg.
Crude is in the “wave 4” which could end soon.
Price has retraced 50% of “wave 3” and retraced 38.2%of entire leg.
200 Day EMA is placed at 99.66 which is strong long-term level.
Unless violation of this level we expect Crude may onceagain move toward the highs.
Once “wave 4” ends then “wave 5” could move up toward110 – 113 levels.
.
Technical Indicators
Trend Up
Swing Higher Top Higher Bottom
RSI Neutral
Momentum Neutral
200 Day EMA 99.66
CMP OUTLOOK
102.29 Bullish
Resistance I 102.7 Resistance II - 110
SPOT 102.29
Suppo rt I 100.60 Support II 99.5
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Retail Research 5
Anal yst : Gaj endr a Prabu ([email protected]
)
RETAIL RESEARCH Tel: (022) 3075 50031Corporate Office: HDFC Securities Limited, I Think Techno Campus, Building –B, ”Alpha”, Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Fax: (022) 30753435 Website:
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