Crude - views

Crude has taken the support at 200 EMA but broken the rising wedge, now this formation can take the Crude to $60 to 48 levels , if the 200 EMA support doesn't hold.

Any bounce back can be used to short crude with Stop loss $ 76( test of 55 EMA) for above given target.

Gold update

Gold after breath-taking run in short span of time , has even more reversed sharply more than run-up(time-wise). We have clearly indicated that the run-up could terminate sooner and better to book the longs and avoid fresh longs, in the previous post. (https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyECMngjETWFGd-UUmrotnoo3qEj1jjW6dJ7Ha0avS4ZldBmcILUXCfySrsNTsNapZGlv26OBNknBDGyOUGBvnVYS0Fa8JSeMmnwTwxgHHjn0bt5iUkOFls-ChoWAuf1J4_Q3vXmecT8AN/s1600/gold.PNG)

Now, Gold 55 EMA is around $ 1100 levels and trend line support is around this region, with RSI in oversold region, Gold can consolidate before next move.

If Gold fails to hold $1100 then immediate support levels are $ 1065 - 1035 and 990.

A bounce back from $ 1100 can keep the hopes of the current bull trend intact, for target $ 1250 to 1300, anyway trading above $ 1180 would keep intact the given target.

A close below $ 990 would indicate the end of the uptrend, and start of correction towards $ 865 to 680. So, Long Term Investors, can buy($ 1030 to 1065) on any dips with stop loss $ 990.

Pivot levels for coming week - 14 to 18th December

click on the table for enlarged vision.

Performers and Under Performer for this week

Trading ideas for this week form 7th Dec to 11th Dec 2009.

Nifty

Nifty range is 4940 to 5150, closing above or below, either side indicate trend.Closing above 5150 – Nifty can target 5280 and 5410.Closing below 4940 then Nifty can 4705 and 4575 with minor support at 4800

Reliance

Immediate range is 1040 to 1100 (closing basis) and intraday basis breakout above target 1149 and 1187.Below 1065 can test 1040 – weak only if closes below 1040.

Tata steel

Support at 563 –554 -545 can buy on dips with stop loss 545. Weak only if closes below 545. Close above 585 then can target 610-637 -711.

ICICI Bank

Support $ 864 – 851- close below 850 then can test 782. Now close above 887 would indicate bullishness up to 931 to 948.

DLF

Range 350 to 390. Closing above 390 can take 415 to 440 on upper side. Below 350 then 330 – 306 can be tested.

BHEL

2150 to 2280 is the near term range- break of either side could indicate near term trend.Buy on dips with stop loss 2150 and sell on bounce with stop loss 2280- should be the near term strategy.

INFOSYS

2325 to 2440 is the range, buy on dips could be profitable- one of the strongest stocks among the Nifty 50.

BHARTI ARTL

Bharti artl bouncing from lower level of 275 can target 325. A close above can take the stock to 340 to 357 levels. And close below 300 would end the uptrend.

REL. INFRA

Range 1082 to 1032, a close below either side could indicate the next trend. Above 1080 can take the stock to 1120 to 1155 and break of 1032 – can test 990 to 962.

Stocks that are indicating bullish for coming days

Manaksia

Fortis health care

GMR Infra

Hindustan Petroleum

LYKA labs

TV- 18