Bullion Intraday Road Map for Jan 23, 2012

Gold: currently trading at 1668.13 day trading range will remain between 1630-1685, and weekly trading range expected between 1630-1760. Short term trend is up gold is having very stiff resistance between 1672-1685 zones immediate resistance seen at 1672 break above this resistance intraday rise possible till 1680-85 zones further upside will confirm only above 1685 daily closing basis that will take it to 1760-1810 in coming days. Immediate support seen at 1665 break would signal intraday decline till 1658 break below 1658-55 zones is less likely. But failure would signal retest till 1640-45 zones. 1630 will remain key support for the week.

Silver: currently trading at 32.30 nicely shooting up after our post of January 10, 2012. Weekly expected trading range will remain between 29.30-34; day trading range will remain between 30.30-33. Silver has broken out important resistance that is suggesting, high volatility. 32.70-33 are very stiff resistance and reversal zones for a pull back before further upside. Over all this rally may extend till 35.70 but 32.70-33 are key zones to watch out for further upside. Immediate support seen at 32.10 breaks would signal retest of 31.70-31.60 zones for the day. 30.80 looking important support 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