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Weekly Forecast for week ending 19th December 2014

If you guys had checked out our blog last week, you would have been a lot richer and probably would have spent the weekend at a hill station ! We were absolutely on the money as far as our predictions with the indices & gold market trend. Please check out what we feel will happen this week in the markets.

BSE Sensex

Trend : Slightly Bearish, but buying opportunity round the corner. Last week saw the Sensex fall and this week should also kick off on a weaker footing. But by the end of the week, one should start turning bullish near 27K.

S1 : 27,088 S2 : 26,765

R1 : 27,692 R2 : 28,157

Nifty

Trend : Slightly Bearish, buying near 8K highly likely. Given the traders’ past obsession with rounded off supports, buying could be seen near 8,000-8,050 levels. Should not be surprised if a little panic is created with a fall below 8K but closing higher than 8K.

S1 : 8,198 S2 : 8,052

R1 : 8,322 R2 : 8,444

NYMEX WTI CRUDE

Trend : Mildly Bullish. If there are 2 words to describe this chart it will be exaggerated selling !$ 50.43 should be the final support for crude. These are levels where it will be very brave to stay short and not be tempted to go for a BUY. Make no mistake though, expect a massive recovery before this month ends. Bears should keep booking profits and bulls should wait to go for the kill !

S1 : $52.56 S2 : $50.43

R1 : $59.57 R2 : $61.68

Group A Stock of the week : Wipro

Trend : Mildly Bullish. The stock has witnessed good correction last week and some buying can be done by long term investors near 530-535 levels. A closing above 554 will confirm the reversal in trend.

S1 : 535 S2 : 528

R1 : 553.65 R2 : 560

Overall View : Short traders should start booking profits at the start of the week. Mild recovery should be seen towards the end of the week. This week will test traders who are uncomfortable switching positions !

Happy Trading !!!

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14th December 2014

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