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Equities
Nifty – rebound off previous lows
S&P 500 – ‘Santa Claus rally’
MSCI Asia ex‐Japan – ranging continues
Commodities
CRB Index – year‐end rally
Brent Crude Oil – short‐term bullish
Gold – bears take a breather
Forex
DXY – ‘doji’ warns of profit taking
USD‐INR – momentum signals moderation
Nifty is undergoing a rebound rally of the lows
of the year after taking support at the
previous major swing low of 4538.
It has closed below the 200 WSMA for the
second week in a row consolidating the
bearish stance going forward. The rebound
rally is likely to fail around 4810 (21 DEMA)
where bears are expected to take over to
continue the southward journey.
Oscillators have turned sideways on
intermediate chart and are in neutral territory
on the daily chart suggestive of the countertrend
rally in a strong downtrend.
Support: 4640 / 4531
Resistance: 4770 / 4840
Prev Close: 4714
S&P 500 index has witnessed a ‘Santa
Claus Rally’ in the previous week and has
managed to break past the important
barrier of 200 DSMA as well as close above
the trend line falling from the June peak
indicating an upside breakout.
The bullish price action is supported by a
buy trigger on the momentum oscillators
with the MACD rolling bullish above the
zero line.
Going into the final week of CY 2011, the
price action is more likely to be sideways
due to light trading activity and we expect
a trading range of 1277 to 1229.
Support: 1259 / 1229
Resistance: 1277 / 1292
Prev Close: 1265.33
The Asian region bounced off from the
November lows back within the early
December range. The MSCI Asia ex‐Japan
index seems to be constricted to a trading
range between 472 / 440 for some time before
we see a return to trend.
Daily momentum oscillators have rolled
bullish, whereas weekly oscillators trade
sideways. The coming week looks challenging
as multiple head winds of 50 daily EMA and
the trend line from October highs will restrict
the bulls to push higher. The downside seems
supported at 440 in the immediate near‐term.
Support: 440
Resistance: 472
Prev Close: 464.26
Commodities rebounded sharply in the past
week gaining on each and every session and
closing with a strong weekly candlestick.
The short‐term trend has turned up with the
oscillators rolling bullish and price poised to
test the 50 daily EMA at 310.50.
The larger trend continues to remain in a
declining trajectory and we expect a return
to trend in early January of 2012.
Support: 300
Resistance: 310.50
Prev Close: 306.08
Brent Crude failed to accelerate on the
downside after a Head & Shoulder
breakdown in the week prior. The
formation of multiple dojis at $102.50 was a
warning sign that a short‐term trend
reversal was on the cards. Crude bulls
bounced back with a strong rally mid week
and lost steam in the later half.
Short‐term momentum oscillators have
rolled bullish indicating an extension of the
rally with the trend line resistance of
$109.25 in sight. A breach of the trend line
higher will take it into the cluster of
resistance between $111 ‐$112. Short‐term
support is at $106.
Support: $106
Resistance: $109.25
Prev Close: $107.96
After a precipitous decline in early
December, Gold prices have settled down in
a narrow range. The past week as mildly
bullish as some profit taking / bargain
buying resulted in a close back above
$1600.
The bull trend in Gold is under threat after
sustaining below the 200 DMA for and the
weekly oscillators rolling bearish. The
current week is likely to be light on account
of year‐end holidays resulting in a narrow
trading range of $1625 / $1575.
Support: 1560
Resistance: 1658
Prev Close: 1605.74
The DXY has taken a breather in the past
week after a smart rally in the week prior.
This comes at the peak of few important
resistance points. The 38.2% retracement of
the fall from May 2010‐11 at 80.85 as well
as the top of the upward trending channel.
A ‘doji’ pattern at such important
resistances has potential to lead into
substantial profit taking which will get
accelerated on break of the 200 week EMA
at 79.60. On the whole bulls are advised to
book positions and wait for lower levels to
re‐enter.
Support: 78.70
Resistance: 80.95
Prev Close: 80.23
USD‐INR has settled in a narrow range in
the previous week after two weeks and
extremely volatile trade. The sharp reaction
from the channel highs at 54.30 and the
resultant ‘shooting star’ candlestick pattern
indicate a short‐term top for the currency
pair.
The combination of bearish price pattern
and sell signal on momentum oscillators
with negative divergence is likely to result in
further retreat of prices down to the initial
support of 21 daily EMA at 52.20 and later
to the upward trending channel support of
51.65.
Support: 52.20
Resistance: 53.25
Prev Close: 52.78
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Equities
Nifty – rebound off previous lows
S&P 500 – ‘Santa Claus rally’
MSCI Asia ex‐Japan – ranging continues
Commodities
CRB Index – year‐end rally
Brent Crude Oil – short‐term bullish
Gold – bears take a breather
Forex
DXY – ‘doji’ warns of profit taking
USD‐INR – momentum signals moderation
Nifty is undergoing a rebound rally of the lows
of the year after taking support at the
previous major swing low of 4538.
It has closed below the 200 WSMA for the
second week in a row consolidating the
bearish stance going forward. The rebound
rally is likely to fail around 4810 (21 DEMA)
where bears are expected to take over to
continue the southward journey.
Oscillators have turned sideways on
intermediate chart and are in neutral territory
on the daily chart suggestive of the countertrend
rally in a strong downtrend.
Support: 4640 / 4531
Resistance: 4770 / 4840
Prev Close: 4714
S&P 500 index has witnessed a ‘Santa
Claus Rally’ in the previous week and has
managed to break past the important
barrier of 200 DSMA as well as close above
the trend line falling from the June peak
indicating an upside breakout.
The bullish price action is supported by a
buy trigger on the momentum oscillators
with the MACD rolling bullish above the
zero line.
Going into the final week of CY 2011, the
price action is more likely to be sideways
due to light trading activity and we expect
a trading range of 1277 to 1229.
Support: 1259 / 1229
Resistance: 1277 / 1292
Prev Close: 1265.33
The Asian region bounced off from the
November lows back within the early
December range. The MSCI Asia ex‐Japan
index seems to be constricted to a trading
range between 472 / 440 for some time before
we see a return to trend.
Daily momentum oscillators have rolled
bullish, whereas weekly oscillators trade
sideways. The coming week looks challenging
as multiple head winds of 50 daily EMA and
the trend line from October highs will restrict
the bulls to push higher. The downside seems
supported at 440 in the immediate near‐term.
Support: 440
Resistance: 472
Prev Close: 464.26
Commodities rebounded sharply in the past
week gaining on each and every session and
closing with a strong weekly candlestick.
The short‐term trend has turned up with the
oscillators rolling bullish and price poised to
test the 50 daily EMA at 310.50.
The larger trend continues to remain in a
declining trajectory and we expect a return
to trend in early January of 2012.
Support: 300
Resistance: 310.50
Prev Close: 306.08
Brent Crude failed to accelerate on the
downside after a Head & Shoulder
breakdown in the week prior. The
formation of multiple dojis at $102.50 was a
warning sign that a short‐term trend
reversal was on the cards. Crude bulls
bounced back with a strong rally mid week
and lost steam in the later half.
Short‐term momentum oscillators have
rolled bullish indicating an extension of the
rally with the trend line resistance of
$109.25 in sight. A breach of the trend line
higher will take it into the cluster of
resistance between $111 ‐$112. Short‐term
support is at $106.
Support: $106
Resistance: $109.25
Prev Close: $107.96
After a precipitous decline in early
December, Gold prices have settled down in
a narrow range. The past week as mildly
bullish as some profit taking / bargain
buying resulted in a close back above
$1600.
The bull trend in Gold is under threat after
sustaining below the 200 DMA for and the
weekly oscillators rolling bearish. The
current week is likely to be light on account
of year‐end holidays resulting in a narrow
trading range of $1625 / $1575.
Support: 1560
Resistance: 1658
Prev Close: 1605.74
The DXY has taken a breather in the past
week after a smart rally in the week prior.
This comes at the peak of few important
resistance points. The 38.2% retracement of
the fall from May 2010‐11 at 80.85 as well
as the top of the upward trending channel.
A ‘doji’ pattern at such important
resistances has potential to lead into
substantial profit taking which will get
accelerated on break of the 200 week EMA
at 79.60. On the whole bulls are advised to
book positions and wait for lower levels to
re‐enter.
Support: 78.70
Resistance: 80.95
Prev Close: 80.23
USD‐INR has settled in a narrow range in
the previous week after two weeks and
extremely volatile trade. The sharp reaction
from the channel highs at 54.30 and the
resultant ‘shooting star’ candlestick pattern
indicate a short‐term top for the currency
pair.
The combination of bearish price pattern
and sell signal on momentum oscillators
with negative divergence is likely to result in
further retreat of prices down to the initial
support of 21 daily EMA at 52.20 and later
to the upward trending channel support of
51.65.
Support: 52.20
Resistance: 53.25
Prev Close: 52.78
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