GOLD
As said in our last weekly outlook, that Gold is a perfect buy at 26200 levels and as we all witnessed a quick boucet till 27000 levels. As seen from the above image that Gold has pierced its H/S top pattern and pull back till its neckline. Its also trading under its crucial trend line resistance of 27034. We assume a minor bounce till 26830-900 where will getting an excellent opportunity to sell till 26200-26700 levels. View :- Mildly bearish
CRUDE:
As said in our last report that Crude is a best buy at 2940 levels for an upside target till 3050 levels, the Crude reacted the same way. Technically, Crude is forming a Symmetrical triangle with a strong resistance at 3121 levels , hence we advice to go long only above that only, till then sell on rise near 3040-3050 levels for a downside targets till 2930-2860 levels. View: Sideways to bearish
NIFTY
Let’s start with some fundamental news first,all eyes are awaiting the RBI s rate cut decision, where 25 bps is fully discounted and 50bps cut would surprise the market. We assume RBI wont become that liberal for the players, and 25 bps is expected. Yellen indicated rate hike in december which might be negative for the markets but Indian Finance Minister gave positive nod for the MTA issue. So there is a complete mix picture.
Technically, NIfty is forming an inverse H/S patter with a strong resistance near 7980-8050 levels, hence we recommend to go long only above this levels because Momentum indicators are still in a weak territory. So we advice to go short on rise near 7980 levels for a downside move till 7774-7580 levels.