Nifty Tips for next Week
Nifty Future in this week witnessed huge correction from the higher levels and lost almost 270 points in this week. The key thing is that it had reversed it’s trend. Due to the weak global cues the medium uptrend has come to an end. The last trading day of this week was highly volatile and uncertain due to the verdict of supreme court on RIL-RNRL gas dispute case. In this week we are expecting that the Nifty future could continue the selling pressure and we might see some more selling in it. Technical indicators like RSI and MACD both are indicating weak signals in charts.
Key supports & resistances for this week
Resistances:
In the upside 5105 & 5200 are the two key resistances for this week.
Support:
In the downside 4950 & 4820 are two good support levels.
Strategy for traders:
Nifty future is in the down trend and looking to continue this trend for a while. Sell on rise would be good strategy in it. We recommend that traders could initiate the shorts in Nifty future below 4950 for the Targets of 4825 to 4830 with the Intraday Stop Loss of 5005. Those traders who already shorts in it could hold it with the Stop Loss of 5105.
Stock Tips for the Week
Educomp Solutions
It made the upward trend line breakout and also trading very close to horizontal trend line breakout. As per candlestick charts pattern stock future is looking weak and might witness the huge correction from the current levels. We recommend short position in it for the targets of of 600 & 575. In the upside the resistance seems to be at the levels of 665 to 670 zone.
Commodity Tips for the Week
Gold:
Gold rallied on Friday to near a record high, posting its biggest three-week gain since November as investors cut exposure to risks stemming from Greece’s debt crisis and tumbling global stock markets. Gold futures rallied in afternoon trade to the firmest since December 4th as volatile equities and currencies prompted nervous anxious investors to buy gold. Investors piled into gold exchange traded funds and coins and bars, with bullion holdings in the biggest gold-backed ETF rising 20 tonnes on Thursday, the biggest one-day gain since February 2009.
Market Overview
COMEX gold is strong on charts and sustain above 1200 $ an ounce. Last week COMEX gold sustained above 1180$ an ounce, in the coming week 1226$ /1230$ an ounce will be a major resistance in gold. If COMEX gold breaks and sustains above 1230$ an ounce then it can move slightly upward and could come near 1240 $/ 1250$ an ounce. And below 1180$ an ounce can move slightly downward.
Strategy
For the next week traders can use the buy on lower level strategy if COMEX gold sustains above 1174 $ /1180$ an ounce by keeping the strict stop losses.
Major support for COMEX gold in the coming week would be 1175$ and 1150$
Major resistance for COMEX gold in the coming week would be 1230$ and 1250$
Major support in MCX gold is 17540 and 17100
Major resistance in MCX gold is 18180 and 18400
Copper:
U.S. copper futures ended up in extremely volatile business on Friday, as buyers moved in near the 300 level, a key technical area that will remain a challenge as European debt contagion fears linger.
Market Overview
As we mentioned last week COMEX copper below 300 did a low of 300.55, for the upcoming week 290 $/285 level can act as a good support for COMEX copper, if it breaks this level and sustains below it we can see 270 level.
Strategy
Copper is still bearish and for the next week one should use the strategy of sell on higher levels.
For the next week COMEX copper has important support of 300 and 285 and resistance of 341 and 356.
MCX copper has support at 291 and 282 and resistance at 334 and 350.
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