Bullion Intraday Road Map for Mar 20, 2012

Gold: currently trading at 1657 day trading range will remain between 1634-1666; trend is sideways with negative bias. 1640-1620 zones are PRZ (Potential Reversal Zones) for gold. Yesterday gold made high 1669.43 but was able to hold above 1666 for some to confirm continuation of bullish swing. Today 1650 zones will remain important support failure would take it to 1642-1634 zones. Consolidation below 1634 would signal more down side till 1628-1620 zones. 1666 will remain key resistance for the day and consolidation above 1666 would offer 1681-1700 as target area.

Note: we are trading in potential reversal zones. so down side is limited as per current scenario so we have to look for buying around 1630-1620 zones and have to avoid selling on lower levels.

Silver: currently trading at 32.69 day trading range will remain between 31.50-33.50; trend will remain sideways with negative bias. Yesterday silver was also not able to hold above 32.90 our said resistance and turned back after hitting 33.06 as day high so today also we can use 32.90 as very strong resistances for silver consolidation above 32.90 would take it to 33.90 and 34.40 for the day. immediate support seen at 32.20 consolidation below 32.20 would negate our bullish expectations and silver may decline till 31.60-31-30.50 in coming trading sessions.

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...

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...

LET THE MARKET TELL WHO WE ARE

Search This Blog