Nifty has good potential to test 3550

[sajiv]

Nifty showed good strength last week and outperformed the global markets. Technically, it has a very good support between 2900 and 2800.On the upside it has very good potential to test 3550 levels. Unless we break below 2800 one can go long in frontline stocks

Commodity
Gold has a strong and crucial support at $800. If it breaches this support then it can come down to $750 in this week itself.
On the upside $865 is a strong resistance for this week. Momentum indicators are negative and one shall avoid fresh long positions and if one is already long in gold then 800 shall be kept as a stoploss level.

Currency
Dollar is bouncing back from its oversold territory against rupee. On the upside 48.80 is immediate resistance for the dollar. One can go long in dollar at 47.50 as there is very strong support at 46.70 and it will be difficult for dollar to fall below this level.