Bullion Intraday Road Map for Mar 19, 2012

Gold:

Weekly: currently trading at 1663, weekly trading range will remain between 1590-1720 with sideways trend. 1716.64 will remain key resistance for this week and gold must sustain above 1717 to confirm recovery. Otherwise weakness will remain continue and look for selling on rise till gold not manage to hold above 1717. Key support seen at1620 area break of this level is very less likely but failure would signal 1590-1575-1500 in short term.

Intraday: day trading range will remain between key support 1634 and resistance 1682, trend will remain sideways. Immediate strong resistance seen at 1666 consolidation above 1666 would offer 1676-1682 as intraday targets for buyers. Immediate support seen at 1660 failure will take it to 1655-52 and consolidation below 1652 would take it to 1640 zones for the day. But 1634 will remain key support and very short term recovery will end below 1634 otherwise we are expecting a small recovery in gold today.

Silver:

Weekly: currently trading at 32.66, weekly trading range will remain between key support of 30.50 and resistance 35.70 trends will remain sideways on weekly basis and break below 31.50 zones is very less likely.

Intraday: day trading range will remain between 32-34, trend will remain sideways. Immediate support placed at 32 failures would take it to 31.60 and more down side. Resistance seen at 32.90 consolidations above that would take it to 33.30-33.90 for the day.

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