gold silver report 18/06/2010

The Rupee is currently trading at 46.15 levels. We had expected the test of 47.20 again which had reached some days back. Break of 45.50 has entered rupee in a bearish phase. Near term Exporters maintain some covers above 47.00 plus to be safe. Rupee bias still bearish target 47.00 Strong support is seen at 45.92 levels. Only break of 45.92 on a consistent basis would confirm a short term trend change. We also need the Nifty to close above the 5400 mark to confirm the trend change. Bearish.

 The EURUSD is currently trading at 1.2400 and in a clear downtrend but in the 4th correction wave and then a big 5 wave down to 1.19 atleast. Strong resistance at 1.2500 levels. We had suggested exporters to cover at every rise and we still maintain that. (Only EURO/USD leg , we can wait for covering USD/INR leg) . Our previous bearish targets 1.20 and below had reached few days back. (refer previous reports). We covered at 1.2320-50 levels yesterday and still suggesting covers for exporters. Bearish-target 1.19 & below . (EURUSD - 1.2400).Bearish

Gold is currently trading at $1246 levels and its bias is clearly on the upside. It has reached our next target of 1250 also . Buying on still dips remains the strategy. (Gold- $1246) Bullish

Dollar index's is in slight correction mode due to euro but would soon reach our target of 88-89 levels again. Maximum room till 85- 86.50 which would act as support. The powerful impulsive move is in line with our view of bullishness . Still room higher. (Dollar Index- 85.58) Overall Bullish

Silver

Respecting the harmonic scenario literarily, the metal reached the awaited technical objective of 18.85-click on the previous report link below-. We should put into our consideration that this proposed harmonic sequence might have been completed around 161.8% Fibonacci of BC leg at 18.85 zones. Thus; possible bearishness could be witnessed over intraday basis, supported by negative sign appearing on Stochastic.

ecommendation Based on the charts and explanations above our opinion is, selling silver around 18.75 targeting 18.15 and stop loss above 19.25 might be appropriate.

                         

Gold

Respecting our suggested scenario of CD leg's completion for the harmonic structure, the metal soared towards the technical objective at 1248.00 zones and it extended towards the psychological levels of 1250.00. The pullback from the aforesaid levels argues us to say that, potential downside actions could be seen over intraday basis, as the harmonic pattern is bearish. Stochastic supports this outlook.
Recommendation Based on the charts and explanations above our opinion is, selling gold around 1247.00 targeting 1228.00 and stop loss above 1262.00 might be appropriate

nifty 17/06/2010

short nifty @ 5260 {spot } tgt 5200/- sl 5310/- or long nifty @ 5185/- tgt 5250/- sl 5135/-

On Wednesday the market opened higher but failed to trade above the crucial level of 5260 and closed just around

the previous closings. It seems that the market may enter into sideways correction for next one or two days, if it remains

below the level of 5260. The strategy should be to sell-short around 5260 with a minimal stop-loss of 35 points

above the same. Or trade short, if indices sustains below the level of 5210/17400 in the second half of the trading session

with a stop at 5240 for the target of 5180 and 5155. Any likely closing above 5290 level may lift the market to

5400 in the near-term. Broader view is still bullish and positional traders should be buyer at each major support level.

Stock specific activity is not ruled out for the day.

commodity levels @ 10/06/2010

Gold couldn't achieve a negative closing below 1226.00 zones yesterday. On the contrary, the daily closing was above the key levels of 1232.00. Thus, we believe that yesterday's declines should be seen as a normal correction before resuming the CD leg of the suggested butterfly pattern. Consequently, the bullish overview is still valid and possible upside actions could be seen over intraday basis. Today's potential resistance resides at 1235.00.


Recommendation Based on the charts and explanations above our opinion is, buying gold with a breakout above 1235.00 targeting 1260.00 and stop loss below 1215.00 might be appropriate.

 
 
 
 
 
 
 
Yesterday's mild downside movements were limited around SMA 50, which assisted the metal to incline once more. Therefore, the bullish effect of AB=CD pattern is still in favor and more bullishness might occur over intraday basis. A break of 18.25 is needed to activate this positive scenario.


Recommendation Based on the charts and explanations above our opinion is, buying silver with a breakout above 18.25 levels targeting 18.75 and stop loss below 17.85 might be appropriate

 
 
 
 
 
 
 
 
 
 
 

 
 
 

nifty10062010

for expiry lovers : short nifty 4700 pe @ 28/- & short 5100 ce @ 69/- no sl require 


{spot nifty} sell @ 5040 tgt 4980 sl5090 or  buy @ 4970 tgt 5040 sl 4930 buy banks stock on dips & sell real estate on rise

09/06/2010 commodity

In order to get rid of the negative effect of yesterday's candlestick and the overbought sign appearing on the Stochastic; where it needs to breach the intraday resistance at 1244.00. If that occurred the way will be paved to attack the historical high of 1252.00 and furthermore the CD leg of our suggested harmonic butterfly pattern will be activated; targeting 1271.00 zones. To conclude, we believe that the aforesaid pattern is still valid and the bullishness might dominate the movements over intraday basis.


Recommendation Based on the charts and explanations above our opinion is, buying silver around 18.25 levels targeting 18.75 and stop loss below 17.85 might be appropriate


Silver


Silver is moving within a tight range but it succeeded in stabilizing above SMA50-colored in red- as seen on the provided daily chart. Therefore, we see chances for achieving additional bullish actions over intraday basis; targeting the extreme objective of the previous discussed AB=CD pattern at 19.15

short NIFTY according spot price @ 5030/- tgt 4960/- sl 5080/- or buy @ 4960/- tgt 5030/- sl 5920/-  09/06/2010 nifty http://equitylevels.blogspot.com/

09/06/2010 nifty

The market remained strong till the first half of the trading session around 5060 but in the second half it clearly failed

to trade above the same and resulted into a massive sell-off towards the end. The market closed below the level of

5000, which is a worrying factor in the short-term as it may drag down the market to the major level of 4950 without

any major difficulties and breach of 4950 level on a closing basis will lead to further sell-off, may be to the level of

4870 minimum and 4785 maximum.

Currently, we are observing that short sellers are turning more aggressive on break downs, that may help the market

in the near-term to trade in a one direction rather than fluctuating in a broader range.

For the day, we may expect further continuation only, if indices trades below 4950 otherwise speedy recovery up to

5040 above the level 5000 is not ruled out. However, failure to hold 4950 may push indices to 4870 levels minimum.

On the higher side, 5040 may act as a major hurdle and in case the market able to cross 5040 in the second half of the

trading session, then we may expect quick recovery to 5100 levels (spot levels).

commodity levels @ 07/06/2010

Silver


The bearish harmonic effect of the three drives pattern has been able to take the metal in a southern trip, breaching the uptrend line that carried the movements from 14.60 to the peak of 19.80. Currently, we see how the secondary descending channel controlled the trend ideally, while the metal stabilized below SMA 50; therefore, more bearishness might be underway during this week but a re-testing action for the broken uptrend might occur first. Carefully note that a break of the pivotal support levels of 17.05 could bring panic sell-off actions.

Recommendation Based on the charts and explanations above our opinion is, selling silver from 17.60 targeting 16.90 and stop loss above 18.05 might be appropriate

 
 
 
 
 
 
 
 
 
Gold


The mixture studies between the suggested Elliott sequence for the rally from 1044.00 to the all-time high of 1249.00, where harmonic methods prove that the collapse from 1249.00 to 1165.00 zones could be seen as wave 'A' while wave 'B' is currently under preparation; thus, wave 'C' could be activated to complete the cycle. Note that the bearish effect of the harmonic three drives is still in favor. To recap, potential downside movements could be seen during this week assessing intraday direction, while the bearish harmonic structure has been completed on Stochastic of the four-hour interval. A break of the historical peak will negate these anticipations.
Recommendation Based on the charts and explanations above our opinion is, selling gold with a breakout below 1215.00 targeting 1165.00 and stop loss above 1250.00 might be appropriate.

02/06/2010 nifty

shouldnt close below weekly level of 4970
major resistance 5006  close above 5006 will take 5090


major support 4950 close below 4950 will take 4860