Market view for Sep 01, 2011

Gold moving in a tight band between 1810-1840 as I wrote yesterday. Today major level to watch for gold is 1810 a failure below 1810 will take it 1780-1755 zones. Further upside only possible above 1842 other wise avoid buying for the day.

Mcx trader can use 26950- 27420 as a tight band and selling pressure may take place below 26950 and gold will try to kiss it's recent support of 26630. Avoid buying till gold trading below 27420.

Comments

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...

Will Gold be Cheaper or Sky Rocket till Diwali?

Gold spot international currently trading at $1916 up by $15. Gold has been staying within the range formed on August 11, 2020 by a strong bearish bar. It has found multiple supports near the areas of $1870-1860 which is also stands near the low headed by that bearish bar as discussed above. This entire consolidation within the range of bearish bar has taken shape of a descending triangle and now price has climbed above resistance line of this tringle suggesting bullish potential. Price had been staying below 35 days SMA since its bearish cross below SMA during month of August this year but now it has crossed above the same and formed a complete bar above the moving average suggesting bullish developments on MA crossover front. Based on current developments on chart gold is likely to remain bullish as long as it holds above $1885 and having a strong resistance placed near the areas of $1930-1935 zones. Sustained move above $1935 will further strengthen bullish outlook and then it...

LET THE MARKET TELL WHO WE ARE

Search This Blog