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WEEKLY REPORT


CAUTION VIEW WITH LIMITED UPSIDE... ADVICE TO EXIT ON EVERY RISE ...



INDIAN MARKET

CNX METAL

Metal index has corrected almost 88.6% from its recent highs of 3553 indicting bottom out formation on daily as well on weekly charts. In coming periods Team NTD see Metal Index to outperform the market. Team NTD is advising you to buy good metal stocks as we are seeing metal to outperform in coming period also up to 3050 on decisive closing of 2600.

Team NTD is having positive outlook on Metal index in coming period.



CNX NIFTY


As mentioned in last week though CNX NIFTY making new highs there was a missing of strength which finally resulted in reversal after 9 consecutive higher highs and given a fall of 250 points in just 3 days. We are still having negative view on index.

Any short covering rally will attract bears to short sell in market  as upside is capped at 8680/8720 levels . We are also advising to avoid longs in market and exit on every rise.

Coming week we can see index to touch 8460 and also lower levels with limited upside which capped around 8680/8720.



BANKNIFTY

Exactly from the level of 19040 index given reversal as alerted in last weekly report and corrected up to 18322 almost erasing 700 points from highs. Index is in correction mode as rally we seen last week was corrective one. In coming days we can see index to correct more than main index (CNX NIFTY).

Coming week we can see index to touch the levels of 17850 and lower up to 17380. Upside levels of 18750/18800 not ruled out as part of short covering.

Team NTD is having negative outlook with advice to exit on every rise.


CNX MIDCAP


After giving caution view on Index we saw almost 500 points fall in index as part of profit taking last week.

Coming week though index is having very good support around 13000 levels, the levels of 12780/12675 not ruled out in panics.


CNX SMALLCAP

After making high of 6112 index fails to close above its previous double top formation at 6050, where double top formation was alerted in last weekly report. Index has given almost 250 points fall from its high. Index is having multiple support around 5600/5550 levels.

Coming week the levels of 5600 not ruled out where we can see multiple supports in index.



GLOBAL CURRENCY

US DOLLAR INDEX: As hinted last week dollar index rallied up to 100.27$ after crossing its important resistance levels of 98/98.60$ but failed to cross its recent highs making lower top formation which also indicates that rally was corrective one. In coming days upside is capped around 100/100.50$ as toppish formation is seen in index by Team NTD.

Further we also states that in coming days the levels of 93$ not ruled out once if it gives close below its important resistance levels of 96.50/95.80$.
 
Team NTD is having negative outlook for index in coming week with limited upside.

EURUSD: Team NTD was having negative outlook on pair as we were expecting US DOLLAR to strengthen against all major currencies but surprisingly after reversal in DOLLAR INDEX with lower top formation, EURUSD is also reversed with higher high & higher low formation indicating major reversal in pair.

This time Team NTD is anticipating pair to cross it’s all major resistance with full force all the way up to 1.11/1.1150 following 1.1475/1.16 in coming period. We are also having positive outlook for pair in coming week.


 


USDJPY (DAILY CHART)



GOLD (DAILY CHART)


PRECIOUS METALS

GOLD: Last weeks movement of GOLD was exactly what we anticipated in weekly report. It was in range of 1180/1210$ as in process of base building.

Team NTD also alerts you that in coming period GOLD will outperform to all other major asset class as INVERTED HNS pattern (BULLISH PATTERN) seen on daily charts. Any decisive close above the levels of 1225/1230$ we will see sharp upsurge in GOLD up to 1280/1300$.

Team NTD is having very bullish outlook for GOLD in coming week as well in coming days also.  




SILVER: Same behavior seen in SILVER as last week with base building formation with strong resistance around 17.30/17.50$. We are still having bullish view on SILVER as formation in daily as well in weekly charts is bullish.

Downside is still very limited as we see immediate demand is at 15.75/15.50$levels. Any global uncertainties and decisive close above 17.30/17.50 we see prices to cross the levels of 18.40/18.60$ in coming period.







US DOW JONES

As mentioned upside is capped at 18290/18300 levels in DOW which has given fall of more than 300 points from highs and made another lower top last week at 18170 indicating losing of major upside momentum with lower top & lower bottom formation on weekly charts.

We are continuing with our downside target of 16000 in DOW....as Team NTD is having negative outlook in coming period.
{April 18,2015}



































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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