Weekly Forecast for week ending 12th December 2014

BSE Sensex

Trend : Slightly Bearish, correction long overdue. Even if it breaks the below mentioned resistance levels, markets are very overbought. A correction could actually propel the Sensex to 30K starting from 2016.

S1 : 28,217        S2 : 27,765

R1 : 28,810        R2 : 29,900

Nifty

Trend : Slightly Bearish, correction long overdue. Same view as Sensex. Long term is very bullish indeed but short term….can get good buying levels a lot lower than current levels.

S1 : 8,500        S2 : 8,398.60

R1 : 8,623        R2 : 8,750

COMEX GOLD

Trend : Slightly Bullish but roadblocks ahead. Finally, Gold consolidates ! Major support levels mentioned below. Closing above $1,250 level could extend recovery phase.

S1 : 1,141.70        S2 : 1,130

R1 : 1,221             R2 : 1,235.50

Group A Stock of the week : ABB

Trend : Bullish. On a short term basis, ABB looks slightly due for a mild correction, this stock looks really good and should possibly target 1,850 in the coming months. Needs to close and sustain above 1,400.

S1 : 1,282        S2 : 1,175

R1 : 1,397             R2 : 1,850

Overall View : Smart traders will evaluate value buys this week and plan for the next 3 months. Buying strictly on dips and not at market highs.

R1 : 8,623        R2 : 8,750

9th December 2014

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