Intraday Trading Levels for Sep. 13, 2011

Gold comex: expected intraday trading range is between 1800-1870, yesterday nice selling seen in gold and gold made 1801 and closed around 1814. We were expecting 1805 as a support yesterday. Gold broke that support but was not able to sustain below 1805 and after that on hourly close basis gold closed at 1805.72 means that support is still buyer’s interest area. Expected intraday supports are 1800-1775 immediate resistance seen at 1840-42 zones above this it may jump up to 1860 zones 1870-72 zones can act as unbreakable resistance for the day trader can sell on rise near said resistance area. Trend is still weak.

Silver comex: expected intraday trading range is between 41.50-38.80. Major resistance for the day is 41.50-41.60 zones that can change market trend otherwise silver is looking weak. Immediate support seen at $40 below this level more selling pressure will take place and silver may taste 38.80-38.50 level during the day

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Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions.

Nifty Options Weekly Expiry; MAX PAIN stands at 13400

#NIFTY #INDEX currently trading at 13438, down by 90 from previous close. Today index has opened gap down and taken out the low placed yesterday at 13449 triggering primary weakness in market for the day. Immediate support is now placed at 13390, retest to this level can’t be ruled out but stability below 13390 will result in to further weakness and then attempt towards 13350-13310 zones can’t be ruled out. Key support will be at 13300 and further stability below that level will bring more weakness. Resistance is now placed at day high which stands at 13488, any sustained move (Less likely) above that level will bring some relief to bulls and then attempt towards 13540-13590 can be seen. On #option_chain heavy #call_writing is being done at 13500-13600 strikes where as short covering is visible in 13450 and 13500 puts whereas longs build up seen in 13400 puts with high volume. Based on current #OI position level of #option_pain stands at 13400 thus based on current data at 10:52AM...

LET THE MARKET TELL WHO WE ARE

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