Sunday, January 9, 2011

Sure Shot Silver Tips

Last week it was broken 45500 and almost closed with a big losses of 1972 points week to week basis. Now we may consider support 43000 and below further down side, higher level resistance 45000-45500... Short term trend is bearish.....and avoid fresh long...

This counter last week silver shown weakness as we expect & continues maintains, that it can touch 43700 very soon. Last week this counter made low 43721. And still some more weakness looks continue. Now this week keep your eyes on level of 45100, till its maintain below this level, you can keep shorts till target 43000-42650 soon. But remember once its cross and close above 45100 you have to exit in shorts and once cross and close above 45810, you can keep again fresh buying. Over all looks weak keep shorts on every rise. Today it will face resistance 44550-44800 & support 44260-43700.

Silver (MCX-Mar'11): Last week volume based selling seen in this counter. Some time it tries to recover from its low but at higher level sellers are entering in the market. Still downside is there in this counter. It will face resistance at 45000. Downside it can fall till 43050, which is its 50 days EMA. After some more fall in this counter, long position will sq-off and fresh short will build up. Dollar index will also put pressure.

Silver for March contract, at MCX, is trading at Rs.44,409.00 (down by 0.75%) after opening at Rs. 44,555.00 against the previous close of Rs. 44,746.00 with intra-day low of Rs. 44,385.00 till the trading. (At 11:38 AM today).

No comments:

Post a Comment