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WEEKLY REPORT


Profit taking is advised....Risk reward is not in favour

Last week daily movement of CNX Nifty suggests distribution pattern on hourly chart.  Market looks little heavy so profit taking is advised on long positions, as risk reward is not in favour of bull trend in short term.

   
CNX NIFTY: Last week CNX Nifty opened at 8337.80 touching all time high of 8415.05 and given a close of 8389.90. As we have mentioned in our last weekly report (Dated 01.11.2014). CNX Nifty uptrend is intact but for shorter term profit taking is not ruled out.
   

For coming week we advice to book profit in tranches at every rise and look to enter near level of 8150 (For good risk reward ratio).

 

BANKNIFTY: Strong outperformer Index since last many weeks finally near our target of 17800 as we have mentioned in our last weekly report (Dated 01.11.2014).

Strong uptrend is to continue for coming week also but for shorter term profit taking is not ruled out which can drag Bank nifty up to 17200.
 
17200 is good entry level in Bank nifty for target of 17800 for coming week.



CNX MIDCAP: Last week CNX Midcap opened at 12040.35 and given close of 12198.60 & breaking it’s all time high of 12000.60. After breaking its all time high CNX Midcap is in strong uptrend and we are continue with our target of 13650 in near term.
 
For coming week 12000/11800 is good support level in CNX Midcap.



CNX SMALLCAP: As we have mentioned in our last weekly report (Dated 01.11.2014) CNX Smallcap is not performing compare to CNX Midcap that is matter of concern. 5150 is a good support level in CNX Smallcap and we also have to watch movement closely near its previous highest closing of 5389.40.


     
 


CNX Nifty (Weekly Chart)



Gold (Monthly chart)

GOLD : Though Gold has given a two consecutive negative weekly close but refused to close below its monthly trend line support level near 1165/1160. (Shown in Chart also mentioned in our last weekly report dated 01.11.2014).

Last week Gold has given a positive close of 1188 indicating that worst is over.  

For the coming week we will see Gold to touch the levels of 1230/1235 & 1145 is strong support level.








SILVER: Last week silver has given a bullish weekly reversal closing above its previous weekly high of 16.22.As we said worst is over (As we have mentioned in our last weekly report dated 01.11.2014) silver is bottomed out.

We can see a target of 17.40/17.80 in near term and 15.80 is strong  support level for coming week.
 

US MARKET

Last week Dow Jones opened at 17568.98 and given close of 17634.74. For the coming week uptrend is to continue in Dow Jones and we are continue with our target of 18400 in near term.

17100/17050 is the near term support in Dow Jones. 



CHINA MARKET

Shanghai: As we mentioned in our weekly report dated 18 Oct 14, Shanghai is in super bull run with higher top & higher bottom formation and given a highest weekly close of 2479.18.

Expecting a super bull run in Chinese markets
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Disclaimer:All information given here is largely based on technical analysis which is highly dynamic in nature and relevant only at a particular point of time. Users are advised to pursue these recommendations only at their own risk and first consult their personal investment advisor when making investment decisions. We are not liable and we take no responsibility for any loss that you incure by trading/investing on our recommendations. these study are posted for educational purpose only.

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