Bullion Intraday Roadmap for Dec 22, 2011

Gold: currently trading at 1609.26 expected trading ranges will between 1580-1645 with sideways trend. Immediate support seen at 1605 break will take it to 1592-1582 for the day. 1682 is looking key support, if manage to hold below 1582 for some time then it will try to move towards 1565-1530 zones. Immediate resistance seen at 1620 break above 1620 will open the doors for 1640-45 zones 1642 will act as key resistance for the day. If manage to hold above 1642 for some time then it would signal a rally till 1665-85-1705 in near term. As per current scenario 1605 is important to watch for intraday down side.

Silver: currently trading at 29.12 trading range will remain between 28.50-30; trend will remain bearish for the day. Immediate support at 29 breaks will signal retest to 28.80-28.50 key support at 28 breaks will signal another fresh bearish move that will take it towards 26.70 that is our long awaited target for this downtrend. Immediate resistance seen at 29.30 breaks would signal upward move till 29.55-29.60 area. If manage to hold above 29.60 then retest to 30-30.20 can’t be ruled out 30.20 will remain key resistance breakout would signal rally till 30.50-30.80 for the day.

Comments

Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions.

Nifty Options Weekly Expiry; MAX PAIN stands at 13400

#NIFTY #INDEX currently trading at 13438, down by 90 from previous close. Today index has opened gap down and taken out the low placed yesterday at 13449 triggering primary weakness in market for the day. Immediate support is now placed at 13390, retest to this level can’t be ruled out but stability below 13390 will result in to further weakness and then attempt towards 13350-13310 zones can’t be ruled out. Key support will be at 13300 and further stability below that level will bring more weakness. Resistance is now placed at day high which stands at 13488, any sustained move (Less likely) above that level will bring some relief to bulls and then attempt towards 13540-13590 can be seen. On #option_chain heavy #call_writing is being done at 13500-13600 strikes where as short covering is visible in 13450 and 13500 puts whereas longs build up seen in 13400 puts with high volume. Based on current #OI position level of #option_pain stands at 13400 thus based on current data at 10:52AM...

LIC Housing Finance; time for bulls?

LIC HOUSING FINANCE settled at 321.90 up by 5.78% on Tuesday. Stock had been staying in a consolidation phase that took shape of an ascending triangle and in today’s session it broke through the resistance line of this triangle consolidation and settled well above key resistance of 312 suggesting dominance of bulls. Stock has been staying above its 9 days SMA on daily chart keeping a short-term bullish trend in picture. Stochastic is now approaching overbought territory along with bullish cross above its signal line suggesting a strong bullish momentum. MACD has been staying in positive territory and now its parting upward from its signal line suggesting development of fresh bullish momentum. Direction and momentum are two important components for any chart to anticipate future price movement and current trend and momentum on chart provided above is suggesting bullishness. Breakout of triangle pattern can be used to determine potential destination for current move and if th...

LET THE MARKET TELL WHO WE ARE

Search This Blog