2020 WEEKLY TECHNICAL REPORTS

WEEKLY TECHNICAL REPORTS

Equity

Nifty

Last week, Nifty extended the ongoing profit booking and broke the daily swing low of 11769.50 with an ease. Subsequently, the fall got arrested near 11625 and nifty rebound sharply to reclaim the 11800 mark. However, the sell-off during the fag end of the week resulted into a close with a loss of 0.84%.           

Last week price move was largely in line with our expectations as index precisely took support near 11614.50 and rebound along with reversal on Friday’s trading session.

During the week, nifty resist near the downward sloping trend joined from its all-time high of 12103.05.

On a daily chart, the 9-SMA continued to resist nifty to rally higher.

Also, the hourly RSI (14) resist near the 60 level and signaled the negative reversal pattern. The target of said pattern comes near 11510. The said pattern will be negated if nifty crosses above 12000.

Going forward, we maintain slightly cautious view on nifty and believe that it will be a daunting task for index to cross the 12000 mark whereas the immediate resistance is seen near 11835. On the flip side, 11615 will act as an immediate support below which nifty will correct till 11510 – 11426 levels.  

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Currency

USDINR

After making the high of 70.34, USDINR pair failed to sustain at higher levels and slipped lower till 69.79 and settled on a negative note at 69.92.

USDINR pair has been stuck in the narrow range and hovering within 69.50- 70.20 levels for last few weeks. Currently, pair is quoting near the key support level of previous swing high and till it holds above that the trend remains positive.

Break down below 69.50 will turn the outlook to bearish. However, as the pair is still holding above the previous swing high and as well as downward slanting trend line the upward move still remains intact.

The momentum indicator RSI has been flattish and stochastic continued to remain positive.

Overall trend for USDINR is still looking positive and we recommend buying around current levels of 69.85 for upside targets of 70.50 / 71.00.

Click here to read full report: Weekly Currency

Commodity

Gold

Last week, Gold prices started on a flat note and prices consolidated for first half of the week in the range of 32900-33250 levels. However, on back of dovish fed statement on monetary policy, Gold broke out from the range and rallied strongly for the remaining week till fresh 5 years high of 34468 and closed 3.4% higher on weekly basis.

Prices have been moving in a higher top higher bottom chart pattern since last 2 years and rallied strongly in the last one month after making a bottom at 31232.

MACD (12,26,9) has also given a positive crossover on the weekly chart, while volumes have increased significantly during the last week.

Prices are expected to rise further from these levels towards 100% extension of its previous rally from low of 30107 till high of 34031, which is placed at 35156 level. On the lower side, immediate supports are placed around 33350 and 32480 levels.

Click here to read full report: Weekly Commodity

 

 

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