Silver has been experiencing a strong down trend since it broke through the key support of 35000 which was also support line of a bearish flag continuation. Prices are now hovering near key support zones around 33400-33000. However, silver had witnessed some recovery on Monday and Tuesday but 2 days counter move is not enough to confirm a trend reversal. Today this metal has opened with a down side gap and staying below its opening price. We need a penetration of 33150 to confirm resumption to a larger degree down trend and then attempts towards 30700 zones can’t be ruled out. Stability below 33150 will also increase the possibilities of completion of CD leg (at 30700) of a bullish AB=CD pattern. Any move above 34200 might bring some recovery and then a jump towards 35200 can’t be ruled out. Any stability above 35200 zones might put this entire bearish setup in doubts where stability below mentioned resistance levels will keep on going down trend intact.
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...
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