Intraday trading idea for October 06, 2011

Comex gold: currently trading at 1651.90 looking bullish and this really may take it up to 1672-1680 zones if gold manage to hold above 1680 then a rise till 1700-1730 zones is likely, immediate support seen at 1638 a break below 1638 would signal an intraday decline till 1622-1610 range. USD index has broken important support that is supporting short term bullish view on gold

Silver come: currently trading at 31.07 immediate resistances seen at 31.50 if silver manage to hold abv 31.50 then it would signal an advance till 33.50-33.70 zones. $30 is looking good support for this view below 30$ then it would confirm at sideways moment between 28-31.50. Momentum is positive on very short term time frame buying in dips will be good idea for expected targets 31.30 to 33.30.

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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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