Bullion Intraday Road Map for Jan 30, 2012

Gold: currently trading at 1734.54, weekly trading range will remain between 1640-1805, weekly trends up; intraday trading range will remain between 1700-1760, trend up. Immediate support seen at 1717 break would take it to 1711-1704 key support will remain at 1700 and break would signal fall till 1670 zones. Intraday key resistance at 1760 minor resistance are 1740-1752. Stochastic indicator with overbought readings suggesting that break above 1740 is less likely in case of break maximum rally expected till 1755-1760. Trader can use this opportunity for selling on rise.

Recommendation: technical indicators are in overbought zones suggesting that very short term correction may take place any time so it’s better to wait for 1670 zones to enter in longs otherwise stay aside. Selling on rise around 1750-1755 zones would be a good idea with stop loss above 1760 on daily close basis.

Silver: silver currently trading at 33.57, weekly trading range will remain between 31-35.80, trend will remain up. Day trading range will remain between 32.70-34 trend will remain up, but selling pressure expected. Stochastic indicator reached in overbought zoned with bearish crossover suggesting selling pressure is likely. Immediate support seen at 33.20 breaks would signal intraday fall till 32.70, 32.70 will remain key support for the day break below 32.70 will open the day for 32.30-31.70-31.40 but key support for the week will remain at 31 breakouts would signal weakness in trend.

Recommendation: short term technical indicators reached in overbought zones suggesting break above 34 is less likely over all rally is open till 35.70 traders can use this rising opportunity with selling or profit booking in previous longs for targeting around 32.70-32.30.

Comments

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...

Nifty Struggles Near 24,500: Key Resistance and Support Levels to Watch

Nifty Update (CMP: 24,439) After a strong opening rally, Nifty hit a high of 24,589 but then faced sharp selling pressure, dropping to a low of 24,305. It is currently hovering near the 24,400 zone, which has acted as a recent consolidation area. Technical Outlook: As long as Nifty holds above 24,300, there remains potential for an upward move toward the 24,700–24,800 levels. However, the 24,850 zone is expected to act as a strong resistance, with possible selling pressure near that area. Immediate support lies at 24,305, followed by 24,190. A break below 24,190 may negate the bullish momentum created by today’s early rally. Options Data Analysis: Call Side: 24,500 CE has the highest open interest (OI) at 80.52 lakh contracts with 9.58 crore volume and 54.5 lakh OI addition, indicating strong resistance. 25,600 CE also saw significant activity with 8.13 crore volume and 46.93 lakh OI addition. Put Side: 24,500 PE recorded 8.84 crore volume and 29.55 lakh OI additi...

Nifty Struggles at 24800: What Options Data Tells Us About Market Direction

Nifty settled at 24,578 , down by 1.39% on Tuesday. The index failed to attract follow-up buying above 24,800 , which acted as a strong resistance zone (as highlighted in our previous write-up dated May 2, 2025 ). It eventually closed well below this level, indicating the presence of selling interest near key resistance. Technical Overview: Nifty successfully tested the resistance zone of 24,800 and subsequently formed a bearish Harami pattern on the daily chart. This pattern coincides with a recent swing top and occurred near a resistance zone, thereby strengthening its technical significance. A large trading range was observed on Monday, May 12, 2025 , which suggests the possibility of a sideways move in the coming sessions. Despite the recent pullback, the intermediate trend remains bullish as the price is still holding above the 9 and 21 DEMA levels. Moreover, the 9 DEMA is placed above the 21 DEMA , confirming the uptrend. Key support is now seen in the 24,100–24,000...

LET THE MARKET TELL WHO WE ARE

Search This Blog