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).

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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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