Market Pearl

Silver Tips On January 21, 2012 silver prices were trading higher in major metros in India. In Chennai market, pure silver (999 purity) was quoting up Rs 1100 at Rs 56700 and in Jaipur market it was up Rs 700 at Rs 56400. Gold MCX Tips In spite of constant efforts to push lower, attempts were arrested near support of $1714-1717 regions and provided signals of prolonged bullishness. The day’s candle stick pattern too is supportive to extend the upbeat rally. Meanwhile, breaching of the immediate upside hurdle of $1742 would be an initial requirement to prop up the bulls and later on $1755. Hence, for short term we retain our bullish perspective till $1770 as long as $1680, i.e. 100 day moving average, act as a stiff downside obstacle. Unanticipated drop below $1702 will provide chances of corrective selling but trend reversal point is seen only if prices push below the strong support of $1660. In the mean time, selling pressure cannot be ruled out as both RSI and Bollinger Band studi

The Sensex shaved off more than 100 points after its sharp spike as European markets too slipped a bit from day's high. Index heavyweights Reliance and ONGC turned flat after a rally of one percent. The BSE benchmark Index was up 94 points at 16,131.57 and the Nifty rose 25 points to 4,856.50. Shares of Tata Steel and Coal India retained their top position in the buying list, shooting up 7% and 5%, respectively. Capital goods majors L&T and BHEL gained 3.4% and 1%.