RCOM BUY SETUP

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After a big fall from the levels of around 40 RCOM finally has bottomed out and made a support zone at the level of 18. Volumes are also good and indicators like MACD & RSI also generating buy signals. So one can long for the initial targets of 22 and then if it breaks this level then further upside is expected. Put a stoploss at 17.50 on closing basis.

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GBP/INR DOUBLE BOTTOM

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GBP/INR has formed a double bottom reversal pattern on 2 hours charts and this pattern confirmation will come after the breakout of R1 i.e 82.11 and its also the 38% retracement level but as it can be seen that the RSI is also giving bullish divergence then one can long it at current levels. FED and UK interest rates also coming on 14th and 15th june respectively. So one can expect the targets of 82.65 i.e R2 which is also the 61% retracement level and on the downside 81 will work as a support.

NIFTY OUTLOOK FOR COMING DAYS

downloadAs expected no change in interest rate ¬†happened yesterday by RBI.¬†But there’s so much more to come in next week i.e FED and UK interest rate decision which is on 14th and 15th june respectively. These two will create volatility in world wide markets next week & as you can see the 4 hours chart of NIFTY. NIFTY already trading near all time high at 9642 and the indicators like MACD(sell signal generated) & RSI(bearish divergence) are suggesting sell. So i think nifty should go at around 9500 which is also the major support as mentioned above and on the upper side 9700 will work as a resistance.