June 10, 2015

Mid Week Technicals of Index, Currency and Commodities

RETAIL RESEARCH
NIFTY
CMP
Outlook
Trend

8124.45
Bullish
UP

Support

7997 7950

Resistance

8200 8310

Technical Indicators
Swing

Range Bound

RSI

Neutral

Momentum

Bullish

200 Day EMA

8205

Days action has formed a morning star candle

formation which is a bullish reversal formation.

Technically, the expected sharp bounce has

started well and index has closed with a strong
positive bias and strong A/D ratio.

Yesterday we had indicated to buy Nifty on rise

above 8060 with the stop loss of 7997; traders
who initiated longs can revise the stop to 8020 and
wait for the targets of 8200 - 8250 and more.

We

have been observing faster upward

retracement. If Nifty manages to move above 8191
tomorrow then we could see 8500 8600 levels in
the coming weeks. We are maintaining positive
bias initially towards 8200 8250, If index
continuous with faster momentum for next one day
then our bullish expectation could extend to 8500
8600 or more.

RETAIL RESEARCH

June 10, 2015

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USDINR
CMP
Outlook
Trend

64.00
Bearish
Down

Support

63.30 63

Resistance

64.40 65

Technical Indicators
Swing
RSI
Momentum
21 Week EMA

Consolidation
Neutral
Mildly Bearish
62.97

There is no change in the earlier view. Everything

remains the same as the pair moves in a very
narrow range.

USDINR pair is showing continuous weakness at

the resistance zone of 64.40 levels and it has
formed couple of bearish reversal formations
along with some sort of top reversal formation like
a triple top. So further bullish expectations could
open up on a rise above 65 levels.

Our earlier said initial target of 64 was attained

(We have been maintaining bullish stance from
long back around 61 [Originally from 59.50]). Now
we are maintaining negative bias towards 61.50 as
long as the pair is stays below 65.

The bearish picture is possible as we havent seen

any impulse in the last rise.

RETAIL RESEARCH

June 10, 2015

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Gold in US$/ounce
CMP
Outlook
Trend

$1176.20
Bullish
UP

Support

1140 1131

Resistance

1204 1232

Technical Indicators
Swing

Consolidation

RSI

Neutral

Momentum

Volatile

200 Week EMA

1315

Gold price is consolidating with mildly weak bias at

the higher levels.

Lack of selling pressure has cancelled out the

larger bearish expectation in short term.

It seems Gold could rise in the short term then it

could start falling from the higher levels.

As long as price stays above the crucial swing

support of 1142, price could rise towards 1232 &
1250 and more; the levels are earlier swing high
and 100% projection levels of last two minor legs.

Price is consolidating at the bottom which is initial

positive sign. Faster upward retracement in last
minor rise along with lack of momentum on
downside convinces us to take a bullish stance on
Gold for short term.

The view could negate if price moves below 1142.

RETAIL RESEARCH

June 10, 2015

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S&P 500
CMP

2080.15

Outlook

Bearish

Trend

Down

Support

2040 1980

Resistance

2100 2130

Technical Indicators
Swing

Consolidation

RSI

Bearish

Momentum

Bearish

200 Day EMA

2043

The S&P 500 index is showing weakness for the

short term.

Breakdown of ending diagonal formation has been

witnessed which is a bearish top reversal
formation.

To confirm this formation index should make lower

bottom below 2040 in faster time and has to
sustain below that level.

Key supply zone is placed at 2130; as long as

index stays below this level it could slide down
towards 2040 1980 levels in coming sessions,
which is retracement fall of last minor or major
rise.

RSI is placed with negative bias which could

encourage the bears in the short term.

The bearish expectation could cancel out if index

moves above 2130.

RETAIL RESEARCH

June 10, 2015

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This report has been prepared by the Retail Research team of HDFC Securities Ltd. The views, opinions, estimates, ratings, target price, entry prices and/or other parameters mentioned in this
document may or may not match or may be contrary with those of the other Research teams (Institutional, PCG) of HDFC Securities Ltd.

RETAIL RESEARCH

June 10, 2015

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