Weekly markets outlook

The markets have been in a downtrend for the last three weeks, and are likely to extend the losses in the near term, as key technical indicators remain in favour of the bears.

The Sensex has given a sell signal on the monthly charts and is now likely to dip below the 20,000-mark. The BSE index may seek some support around 19,950-odd levels, below which a free fall to 19,400-odd levels cannot be ruled out.

As per the weekly Fibonacci charts, next week, the Sensex may seek support around 19,915-19,820-19,725, while on the upside can face resistance around 20,520-20,615-20,710.

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Weekly Gold Outlook

The MCX Gold December futures have been trading in a fairly narrow band around Rs 29,500-30,500 odd levels.

Key momentum oscillators - like the 14-day RSI and the daily Stochastic Slow have given a negative divergence. Hence, the possibility of a downside breakout seems higher currently.

A break and close below Rs 29,600-odd levels, can trigger a faster slide to Rs 28,500-odd levels - 200-DMA (Daily Moving Average).

Click Here for the weekly support and resistance levels.

Weekly Silver Outlook

The MCX Silver December futures have ended sharply below the key moving averages for the second straight week.

Key momentum oscillators like the MACD, ADX index and the Stochastic Slow also remain in favour of the bears on the weekly charts. Hence, Silver may slide all the way to Rs 42,000-odd levels, once it breaks below Rs 44,000-level.

The only ray of hope is the some sort of consolidation by the 14-day RSI on the daily charts. In case, we see a positive divergence from the Stochastic Slow we can confirm a temporary bottom for the Silver on the daily charts.

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Daily Silver Outlook

The MCX Silver December futures is currently testing its major support around 20-WMA (Weekly Moving Average) around Rs 47,300-odd levels.

The lower end of the Bollinger Band on the daily charts also indicates support around Rs 47,400-odd levels, below which the next major support is around Rs 46,800-odd levels - which is the 200-DMA.

Select key momentum oscillators like the MACD, 14-day RSI and the Stochastic Slow are in favour of the bears on the daily charts.

On the other hand, the weekly RSI and the ADX index is showing signs of consolidation and may turn favourable soon.

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Daily Gold Outlook

The short-term trend for Gold has turned positive as the 20-DMA has crossed the 50-DMA.
Key momentum oscillators like the 14-day RSI, MACD, ADX index and the Stochastic Slow have all given a positive divergence on the daily charts.

Hence, we may witness some more upside. However, fresh gains can be expected on sustained trade above Rs 30,500, which has become a minor hurdle.

On the downside, the Gold December futures are likely to get strong support around Rs 29,500-odd levels.

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Daily Market Outlook

The Sensex has given a sell signal on the weekly Fibonacci charts, hence the bias is likely to remain bearish as long as the BSE index sustains below 20,455-odd levels.
The BSE index has also broken its monthly S1 - support - at 20,425, which too can now act as an resistance.
On the downside, the Sensex can now look to test the monthly S2 and S3 - at 20,195 and 19,960 - respectively.
The BSE index will need to sustain above 20,425-odd levels, for any hopes of a bounce back in the remainder of the month.

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Daily Silver Outlook

The MCX Silver December futures continue to remain in consolidation mode.

The overall trend for Silver suggest that the December futures may move in a broad range of Rs 47,000-50,500 in the short-to-medium term.

Key momentum oscillators on the daily charts and the weekly charts are in divergent mode, hence no clear direction can be ascertained.

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Daily Gold Outlook

The MCX Gold December futures continue to seek support around Rs 29,700-odd levels.

The Gold December futures, once again, on Monday bounced back strongly after testing the support around Rs 29,700.

Fresh weakness in Rupee and positive divergence in the key momentum oscillators like the ADX index and the 14-day RSI is likely to lend support to the prices in the near term.

On the upside, Gold prices can rally to Rs 30,700-odd levels, with some interim resistance around Rs 30,500-odd levels.

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Daily Market Outlook

The markets continued its downtrend for the fifth straight on the day of fears of FII pull-out. The Sensex, on Monday, tested the weekly S1- at 20,453-odd levels.

Going ahead, only in case, the Sensex is able to sustain above 20,453, we may witness a bounce back in the short-term.

However, in case, the Sensex is not able to sustain above 20,453, the BSE index may test the weekly S2 and S3 levels at 20,385 and 20,320, respectively.

In case of a pull-back, the Sensex is likely to bounce back to 20,850-odd levels.

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Daily Silver Outlook

The MCX Silver December futures continue to remain in consolidation mode.

The overall trend for Silver suggest that the December futures may move in a broad range of Rs 47,000-51,500 in the short-to-medium term.

Key momentum oscillators on the daily charts are in favour of the bears, while select momentum oscillators are turning positive on the weekly charts. Hence, we may witness a two-way movement on the Silver in the near term.

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Daily Gold Outlook

The MCX Gold December futures may turn volatile in the near term as key momentum oscillators are in conflicting mode on the daily charts.
On the positive front, MCX Gold December futures so far have managed to find support around the 20-DMA at Rs 29,800-odd levels.

Further, the daily MACD and the 14-day RSI (Relative Strength Index) have given a positive divergence, which favours the bulls.

However, on the flip slide, the daily Stochastic Slow and the ADX (Average Directional Index) have given a negative divergence. Hence, we may witness a sharp movement in the near term.

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Daily Market Outlook

The markets were fairly volatile in trades on Thursday, and eventually the bears won the contest, as the markets ended in red for the third straight day.

Going ahead, the bias is likely to remain negative as the Sensex is likely to test 20,700-odd levels after having given a sell signal on the weekly Fibonacci charts.

As per the daily Fibonacci charts, on Friday, the Sensex may seek support around 20,690-20,650-20,610, while face resistance around 20,955-20,995-21,040.

The NSE Nifty is currently testing support around the 20-DMA at 6,180.

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Daily Silver Outlook

The MCX Silver December futures seem to be in consolidation mode.

The December futures may move in a broad range of Rs 46,500-51,000 in the short-to-medium term.

Key momentum oscillators on the daily charts are in favour of the bears, while select momentum oscillators are turning positive on the weekly charts. Hence, we may witness a two-way movement on the Silver in the near term.

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Daily Gold Outlook

The MCX Gold December futures seem to be taking support around Rs 29,500-odd levels.

Aggressive traders may look at opportunities to buy Gold on dips in the near term, but with a strict stop at Rs 29,500-odd levels.

Select key momentum oscillators like the 14-day RSI and the ADX index have given a positive divergence. However, the Stochastic Slow remains in favour of the bears on the daily charts.

In case, Gold is able to sustain above Rs 29,750-odd levels, a pull-back to Rs 30,500-odd levels may be possible in the short-term.

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Daily Silver Outlook

The MCX Silver December futures have closed below the short-term moving average for the fifth straight day.

The short-term bias seems clearly in favour of the bears. Hence, Silver may soon test the 200-DMA around Rs 47,000-level in the near term.

Key momentum oscillators like the MACD, ADX Index and the Stochastic Slow are all in favour of the bears.

However, prolonged downside for now is ruled out as key momentum oscillators like the RSI and the MACD are still in favour of the bulls.

The short-term charts indicate that Silver may face downward pressure as long as the white metal trades below Rs 48,800-odd levels.

Click Here for the daily support and resistance levels.

Daily Gold Outlook

The MCX Gold December futures may extend the losses in the near term, as the short-term trend for the yellow metal has turned negative.

The 20-Daily Moving Average (DMA) of Gold futures has slipped below the 50-DMA, which is a negative sign.

Also, the key momentum oscillators like the ADX index and the Stochastic Slow are in favour of the bears on the daily charts.

Click Here for the daily support and resistance levels.

 

Weekly Silver Outlook

The MCX Silver December futures have corrected after testing the higher end of the Bollinger-band on the daily charts.
Silver prices have, in fact, now slipped below the short-term moving average at Rs 48,700-odd levels.

Key momentum oscillators on the daily charts are also in favour of the bears. Hence, we may see a south-bound movement in the near term.

Silver prices in India may drop to Rs 47,000-odd levels soon.

The weekly charts also indicate support around the Rs 47,000-level. Hence, one needs to avoid shorting aggressively on the downside.

For bulls to get back, Silver prices need to sustain above Rs 48,700-odd levels.

Click Here for the weekly support and resistance levels.

Weekly Gold Outlook

The MCX Gold December futures has for the last four trading days somehow managed to hold its neck above the 20-DMA, which is around Rs 29,690-odd levels.

Going ahead, the Rs 29,700-odd level is likely to remain a crucial support for the Gold prices.

In case, Gold breaks and consistently trades below Rs 29,700-odd levels, we can witness a sustained fall to Rs 28,750-odd levels.

However, on the positive front, in case Gold is able to sustain above Rs 29,700-odd levels, a pull-back to Rs 30,500-odd levels can be possible.

Key momentum oscillators on the daily charts are on the verge of turning negative, while the weekly momentum oscillators are in neutral mode.

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Weekly Market Outlook

The bulls are in total control with the markets are new highs.

However, the BSE index is trading fairly closer to the higher end of the Bollinger Band, hence one needs to be cautious at higher levels.

The BSE benchmark index is expected to face some resistance around 21,350-odd levels. The bias is likely to remain bullish as long as the BSE index sustains above 21,000-level.

The overall bias is likely to remain positive as long as the Sensex trades above 20,600-odd levels.

Key momentum oscillators although slightly over-bought continue to remain in favour of the bulls on the daily and the weekly charts.

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Daily Market Round-Up

Following yesterday's heroics, the BSE Sensex started the day on a flat note at 21,158, as global cues and the Indian Rupee were not supportive this morning.

But soon, the Sensex bounced back into positive zone, owing to fresh buying in realty, banks, auto and metal shares.

The BSE benchmark index zoomed to a new life-time high of 21,294, replacing its previous high of 21,207 after 5 yerars and 10 months, in early morning deals.

Thereafter, the BSE index wiped out most off its gains as the Indian currency weakened and thereafter, 30-share index traded sideways till the early-noon session.

The BSE benchmark index slipped into negative zone in mid-noon deals, on the back of selling pressure in pharma and oil & gas shares. The Sensex touhed a low of 21,141 in the early-noon session.

However, the BSE index bounced back into green in the mid-noon deals and continued to trade on a quiet note for the rest of the day.

Finally, the BSE Sensex at a new record high at 21,197 with a gain of 32 points.

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Daily Gold Outlook

The MCX Gold December futures has slipped sharply after facing resistance at the higher end of the Bollinger Band on the daily charts.

MCX Gold prices are now close to its major support around the 20-DMA at Rs 29,600-odd levels.

As long as Gold is able to sustain above the 20-DMA on a closing basis, one can expect a bounce back in the following trading sessions.

However, in case, Gold is unable to sustain above the 20-DMA, we can witness a fresh sell-off at the MCX counter.

Following which, Gold prices in Indian Rupees terms may slump to Rs 28,500-odd levels - which is the 200-DMA and slightly lower is the lower end of the Bollinger Band around Rs 28,350.

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Daily Silver Outlook

The MCX Silver December futures tanked over 3 per cent in trades on Thursday in line with a steep fall in international prices.
The short-term charts for the Silver are fairly in favour of the bears for now, as the 14-day RSI and the ADX index have given clear negative divergence.

Going ahead, Silver is likely to face stiff resistance around Rs 49,700-odd levels. The very near term hurdle for Silver can be around Rs 48,800-odd levels.

On the downside, Silver can slide to the long-term (200-DMA) at Rs 47,100-odd levels. The lower end of the Bollinger Band is around Rs 46,700-odd levels.

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Daily Market Outlook

The markets are in rollicking mood, and the bias for the rest of week, including the Muhurat Trading on Sunday, is likely to remain bullish as long as the BSE index sustains above 20,950-odd levels.

On the upside, as explained yesterday, the Sensex has given a buy signal on the yearly charts, and is now likely to test yearly R-2 around 21,500-odd levels.

As per the daily Fibonacci charts, on Friday, the Sensex may seek support around 21,080-21,060-21,030, while face resistance around 21,245-21,270-21,295.

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