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Daily Market Update: Key Resistance and Support Levels for NSE, Bank Nifty, Gold, Silver, and Crude Oil

In today's technical analysis, the near-term trend for the NSE index is bullish, aiming for a resistance level at 5160 with support at 5047. Bank Nifty shows positive movement, suggesting buy on dips strategy. Gold's forecast indicates potential selling pressure, advocating sell on rise, while Silver’s break below key support calls for similar caution. Crude oil trends down, favoring sell on rise. Focus on USD/INR shows bearish signals with support at 53.60. Stay updated on market fluctuations with our trading strategies for the week.

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Daily Market Update: Key Resistance and Support Levels for NSE, Bank Nifty, Gold, Silver, and Crude Oil

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  1. Technical Desk Daily Market Update. SATCO CAPITAL MARKET LTD.

  2. Nse Index • Near term trend is up on charts, whereas next strong resistance is expected at 5160. • Intraday Resistance : 5090 / 5103 / 5124 / 5160 • Intraday Support : 5047 / 5034 / 5010 / 4980

  3. Bank Nifty Index • Near term trend is positive; whereas strong resistance is expected at 10600. Best trading strategy would be buy at dips…. • Intraday Resistance : 10051 / 10083 / 10136 / 10220 • Intraday Support : 9947 / 9914 / 9862 / 9778

  4. GOLD • Pattern on charts indicates that selling pressure would be witnessed on rise; therefore best trading strategy would be sell on rise… • Intraday Resistance : 29669 / 29742 / 29858 / 30053 • Intraday Support : 29431 / 29358 / 29242 / 29047

  5. SILVER • Silver on charts has broken strong support at 53759. As trade below this level trigger’s stoploss of recent bullish breakout, therefore trading strategy remains sell on rise… • Intraday Resistance : 54389 / 54506 / 54689 / 54999 • Intraday Support : 54013 / 53896 / 53713 / 53403

  6. CRUDE OIL - COMMODITY • Overall trend is down on charts, any rally would just be considered as technical bounce, whereas stiff resistance is at 4773 & support is at 4568. Best trading strategy would be sell on rise with a stoploss of 4774. • Intraday Resistance : 4700 / 4717 / 4743 / 4788 • Intraday Support : 4646 / 4629 / 4600 / 4558

  7. COPPER - COMMODITY • Near term trend is down on charts, whereas it is expected to be in a range (415 – 401.80) trade above or below would add trigger in the direction. Best trading strategy would be sell near resistance and buy near support... • Intraday Resistance : 407 / 410 / 412 / 415 • Intraday Support : 403 / 400 / 396 / 391

  8. USD/INR • Near term trend is down on charts, whereas next support is expected at 53.60. Best trading strategy would be sell on rise… • Intraday Resistance : 55.55 / 55.62 / 55.75 / 55.95 • Intraday Support : 55.30 / 55.20 / 55.10 / 54.90

  9. S&P 500 - AMERICA • Post sharp correction in near term; index has witnessed buying pressure at dips; however on charts trend is still down, therefore any rally which is expected in near term could be said as a technical bounce whereas resistance is expected at 1335 where one must grab the opportunity to sell on rise….

  10. Monday – Friday Trading Strategy.

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