China to ban unauthorized gold exchanges

China's central bank has ordered all gold HONG KONG (MarketWatch) -- China's central bank has ordered all gold exchanges, apart from the official exchange in Shanghai, to cease operations, according to a statement Tuesday. Unauthorized gold exchanges and related trading platforms have sprung up around the country as bullion prices soared, often operated by institutions or individuals, according to the state-run Xinhua news agency, which cited a statement posted on the People's Bank of China website. The statement cited inadequate management, irregular activities and evidence of illegal activity as risks that were behind its decision to impose the ban. The Pboc reportedly said it plans to work with the Shanghai Gold Exchange and the Shanghai Futures Exchange to help foster the development of the nation's gold market.

Short term trading calls on Billions Metals and Crude

Crude MCX Sell @ 5275 stop @ 5305 target 5220 - 5150 - 5050 level soon in coming days,,,
Brent Crude Sell @ 107.8 stop @ 108.2 tgt 107 - 106 - 104

Gold Sell @ 1610 $ stop @ 1616 tgt 1600 - 1585 - 1655 level soon....
Gold MCX Sell @ 27770 Strop @ 27860 tgt 27550 - 27350 - 27100 level soon...

Copper MCX Sell @ 405 stop @ 407 tgt 395 - 385 - 370
LME Copper Sell @ 7580 Stop @ 7650 tgt 7400 - 7100 - 6800

Silver Sell @ 29.35$ stop @ 29.5 $ tgt 28.84 - 28.2$ - 27.5$
Silver MCX Sell @ 53200 Stop @ 53800 tgt 52200 - 50500 - 49000

Nifty & Rupee Overview for 23rd Dec 2011

Nifty: Nifty yesterday after the negative opening at 4671 failed to cross the lower support of 4630 and on the higher side it tested the level of 4755 where the closing was also seen at days high. Today as the Asian market is trading positive it’s expected that Nifty will open gap up where this recent rise from the lower level of 4536 will only be the retracement of the fall from the higher level of 5131 to 4536 which is 38.2% of the fall, and if the resistance of 4765 is holding on closing basis I expect it to test the level of 4680 and 4550 before expiry. On lower side if sustain trading is seen below 4720 will open the door for 4550 to 4200 in medium term, whereas on higher side resistance is seen at 4780. Its not expected to cross the higher resistance of 4800 and till the time its holding the same selling at rise is advisable, where in near term 4350 is the target which is 100% expansion of a- b from point c and can also test 3900 which comes to 161.8% in medium term. Stochastic are trading in the mid zone where its still showing upside move where if the price cross 4800 will enter in over bought zone where as if support is broken will become side way for further confirmation of trend.


USD/INR: Rupee yesterday after the gap up opening at 52.92 failed to trade above 53 and on lower side it tested the level of 52.66 where most of the trading was range bound and closing was seen near 52.77 levels. Today opening was seen sideway around 52.71 per$ where some range bound move is expected where on higher side resistance is seen at 523 per$ and on lower side support is seen at 52.55 per$ where is the support of 52.5 holds buying at dips is advise and will test 52.9 and above 53 will move to 53.4 in near term. In short term trading range bound to upside move is expected where it will move slowly to test 54 again and 54.5 in medium terms where buying at dips is advice in medium term for positional traders. Stochastic are nearing the oversold zone and is showing sign of positive intersection where if the price move above 52.8 will give positive intersection and will move towards higher zone where some buying may be seen for higher level.

nifty call for the day

Rajeev: Nifty Sell @ 4762 TGT 4745 4725 4705 Stop Loss 4775 CMP 4762 12/23/2011 9:26

Forex Evening call EURUSD & GBPUSD

Evening Call ::::

Rajeev: EURUSD Sell @ 1.3065 TGT 1.3025 1.2980 1.2930 Stop Loss 1.309 CMP 1.3065 12/22/2011 18:06

Rajeev: GBPUSD Sell @ 1.5695 TGT 1.5660 1.5620 1.5560 Stop Loss 1.573 CMP 1.5695 12/22/2011 18:06

Nifty: Nifty yesterday after the positive opening at 4623 failed to cross the lower support of 4600 and on the higher side it tested the level of 4721 where the closing was also seen at days high. Today as the Asian market is trading negative it’s expected that Nifty will open gap down around 4680 where on lower side will take immediate support of 4650 and sustain below 4650 will bring to 4580 to 4500 in near term, whereas on higher side its not expected to trade above 4750 and till the time its holding 4750 selling will continue in market. On lower side if sustain trading is seen below 4500 will open the door for 4300 to 4100 in medium term, whereas on higher side resistance is seen at 4750. Stochastic has just popped out above over sold zone and is flat at the level where some range bounce move is expected till the time resistance is holding and may look some selling pressure if trading is seen below 4650 and will reenter in oversold zone.


USD/INR: Rupee yesterday after the gap down opening at 52.92 failed to trade above 53 and on lower side it tested the level of 52.51 where most of the trading was range bound and closing was seen near 52.67 levels. Today opening was seen positive around 52.92 per$ where it’s still taking resistance of 53 and is trading negative at 52.82 where trading range for the day will be 52.5 and 53 where as on lower side buying is expected if support holds at 52.5 and crossover above 53 will bring to 53.5 – 54 in near term. In short term trading range bound to upside move is expected where it will move slowly to test 54 again and 54.5 in medium terms where buying at dips is advice in medium term for positional traders. Stochastic which are trading in the mid zone is showing sign of reversal with positive intersecting which indicates if price move above 53 short term bottom is place and can test 45 and 54.5 level and will move beck to enter in over bought zone.

Nifty & Rupee Overview for 21st Dec 2011

Nifty: Nifty yesterday after the positive opening at 4633 failed to cross the higher resistance of 4650 and tested the lower level of 4536 and after range bound move closing was seen at 4564. Today as the Asian market is trading positive and it’s expected that Nifty will open gap up around 4630 where on lower side will take immediate support of 4610 and sustain below 4610 will bring to 4560 to 4520 in near term, whereas on higher side its not expected to trade above 4680 and till the time its holding 4680 selling will continue in market. Today’s trading range will be 4680 resistance and support of 4520 and trading below 4610 will bring to 4560 – 4520 intraday. On lower side if sustain trading is seen below 4500 will open the door for 4300 to 4100 in medium term, whereas on higher side resistance is seen at 4680. Stochastic has drifted below overbought zone and is trading towards lower zone where further selling in the price is expected in near to medium term.


USD/INR: Rupee yesterday after the gap up opening at 53.17 failed to trade above the same and on lower side it tested the level of 53.07 where most of the trading was range bound and closing was seen near 53.07 levels. Today opening was seen negative around 52.92 per$ where it trades above 53 will test 53.5 to 54 in near term where as on lower side will move and test the level of 52.5 and 51.8 before reversal. . For short term rupee is expected to trade in the lower range of 52 per$ support and on higher side immediate resistance is seen at 53.5 and some consolidation move is expected. In short term trading range bound to upside move is expected where it will move slowly to test 54 again and 54.5 in near term where buying at dips is advice in medium term positional traders. Stochastic has reverted from the higher zone with negative intersection and is trading at 70% zone with negative intersection where selling can be expected in near term.