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why is the price of silver dropping may 2011
There are five reasons why silver prices would go up despite this correction
Silver futures dropped for a third day on Comex as the exchange hiked margin money requirements. The drop is seen as the worst run for the commodity since January.
Gold, silver drop on firm dollar, rate hike in India
Gold and silver were getting pummelled Tuesday on a stronger U.S. dollar and a surprise rate hike in India.
Drop in silver prices hits silver mining stocks
Prices climbed above $49 late last week, and are up about 59 percent this year, with the sharpest gain coming in April. Jeff Clark, a precious metals analyst with the firm Casey Research, attributed Monday's decline to a move Friday by the CME Group Inc. to curb speculative trading.
Silver recovers while gold prices steady
The price of spot gold steadied today after hitting a record US$1,575.79 an ounce yesterday, while silver recovered from its biggest drop in 29 months. The death of al Qaeda's leader Osama Bin Laden accelerated spot gold's drop to $1,540.39 from a record high of $1,575.79 on Monday.....
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On the other side in the Derivatives Nifty Futures: it closed at 5,479.00 with the +54.20 positive points or 1.00% up. up.
Technically the market is in a typically sideways zone with 5400 as a strong support zone to work with and 5575 as a strong resistance zone to work with. Now we are at Make or Break level and if it cracks now then next stop around 5350 or could just bounce back.
It is looking bullish in the coming trading session if it manages to trade below the support level of 5400 else above resistance level of 5575 it would be in an upward trend.
RESISTANCE: It has first resistance close to the level of 5575 & above this level the next resistance is seen near the 5650 mark.
SUPPORT: It has first support close to the level of 5400 & below this level the next support is seen near 5350 mark.
| Details | Technicals for | 03-05-2011 | |
| Open | 1478.30 | Resistance 3 | 1553.85 |
| Last close | 1474.00 | Resistance 2 | 1525.1 |
| Today's high | 1496.35 | Resistance 1 | 1482.75 |
| Today's low | 1425.25 | PP (Pivot Point) | 1454. |
| Volume | 386,419 | Support 1 | 1411.65 |
| 52-Week high | 3070.00 | Support 2 | 1382.9 |
| 52-Week low | 1165.65 | Support 3 | 1340.55 |
| Details | Technicals for | 03-05-2011 | |
| Open | 459.45 | Resistance 3 | 495.4 |
| Last close | 457.10 | Resistance 2 | 479.1 |
| Today's high | 462.80 | Resistance 1 | 449.7 |
| Today's low | 417.10 | PP (Pivot Point) | 433.4 |
| Volume | 2,867,980 | Support 1 | 404 |
| 52-Week high | 558.90 | Support 2 | 387.7 |
| 52-Week low | 310.60 | Support 3 | 358.3 |
| Details | Technicals for | 03-05-2011 | |
| Open | 383.00 | Resistance 3 | 409.1 |
| Last close | 378.85 | Resistance 2 | 402.55 |
| Today's high | 396.00 | Resistance 1 | 393.25 |
| Today's low | 380.15 | PP (Pivot Point) | 386.7 |
| Volume | 17,337 | Support 1 | 377.4 |
| 52-Week high | 388.00 | Support 2 | 370.85 |
| 52-Week low | 130.00 | Support 3 | 361.55 |
RESISTANCE: It has first resistance close to the level of 5935 & above this level the next resistance is seen near the 6000 mark.
SUPPORT: It has first support close to the level of 5830 & below this level the next support is seen near 5780 mark.
Market outlook on Bank Nifty (11th April ’11)
RESISTANCE: It has first resistance close to the level of 11925 above this level the next resistance is seen near to the level of 12050.
SUPPORT: It has first support close to the level of 11665 & below this level the next support is seen near 11580 marks.
It has been more than two decades of reliable catering to the requirement of FIBC’s, container liner, leno bag, geo textile, ground cover, shade nets, hale nets, wind breakers and constructive cover from fully integrated, clean room 30000 square meter manufacturing facility, for the company.
With its current growth initiative, NCIL has entered into other technical textile segments like Geotech and Agrotech.
Reliance Industries Ltd. (RIL) and British Petroleum (BP) has announced a partnership deal. Let's see if this new development will help RIL and it's investors or not.
BP will be buying a 30% stake in 23 oil and gas production-sharing contracts that RIL operates in India. This includes oil producing KG-D6 block. Also a 50:50 joint venture (JV) will be formed between the two companies for sourcing-marketing gas in India. This JV will accelerate creation of infrastructure for receiving, transporting and marketing natural gas.
BP will pay RIL US $7.2bn for consideration. Adding up performance payments of up to US $1.8bn based on exploration success in future, combined investment could amount to US $20bn.
This deal is definitely positive for RIL since expertise of both companies may transform into optimization of existing oil producing blocks and enhancement of resources for exploration activities. The transaction amount evaluates RIL stock at Rs.363/share to the east coast blocks against valuation of Rs.409/share as estimated by one of the stock broking firm. BP will incur other capex costs as exploration projects proceed.
Open 969.40
Last close 951.35
Today's high 996.55
Today's low 966.20
Volume 4,865,725
52-Week high 1254.80
52-Week low 712.00
Resistance 3 1030.15
Resistance 2 1013.35
Resistance 1 999.8
PP (Pivot Point) 983
Support 1 969.45
Support 2 952.65
Support 3 939.1
The Income Tax Department has slapped a tax demand of over Rs 450 crore on software giant Infosys Technologies for wrongfully claiming tax exemption on onshore services by declaring them as software exports, Parliament was informed today.
Onshore software development is the practice wherein Indian companies send their software engineers on short assignments (3-6 months) to companies based in Europe, the US, and other nations.
"A notice has been issued to Infosys.. for the assessment year 2007-08 as demand of Rs 657.81 crore was created... which was revised to Rs 456.38 crore in a rectification order," Minister of State for Finance S S Palanimanickam said in a written reply to the Lok Sabha.
He further said, "Revenue from software development activity and technical manpower deputed abroad have not been considered as export income eligible for deduction under 10A/10B/10AA of the Income Tax Act, 1961.That the reason of down value of the Infosys at the end of the day.
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