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Trading Nifty, Banknifty, Gold & USDINR using Technical Analysis

NIFTY: On Friday’s session Nifty pulled up smartly and closed up positively. The RSI has turned up and have maintained above 50 levels. Important thing to notice is, that Nifty is trading at 200 sma levels which is an very important average to determine long term trend. If Nifty is above to maintain itself above 10510 on closing basis Nifty will keep moving up to 10920 and 11100 levels. However, if the levels are broken and Nifty registers a close below the said level, there can be a bout of sell off in Nifty and it can land down to 10350 – 10000 levels. The volatility is high and a wild move is expected in either direction.

BANK NIFTY: Bank Nifty posted strong gains on Friday. A strong bull sash pattern candle was formed closing above 200 and 50 sma levels. This indicates a good strength in the index. 25990 levels are strong support levels of the index. As long as it is trading above it, Bank Nifty may keep scaling up to 27140 -27550 levels. However, a close below 25990 levels may be bad for the index and move down too 25650 – 25200 levels.

GOLD – USD: Looking at GOLD (XAUUSD) weekly charts, it clearly indicates a cup and handle with ongoing breakout. The pattern is huge and above the weekly high the breakout will be established. Once it starts to trade above $1255 consistently the targets of $1320 is quite prominent. A move below $1230 will render this breakout as FAILED and gold may start to descend to lower levels at $1210 and $1180.

USDINR: The pair too rebounded this week. Bounced from a gap area on weekly charts forming a sash pattern. The volumes were noticeable and RSI took support and moved up from the 40 levels. 70.75 levels needs to be watched. USDINR keeping above the levels will be bullish for the pair and it can move up to 71.55 – 72.20 levels. A weekly close below 70.75 will indicate weakness and it may take support at 70.25 – 69.50 levels on the down side.

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