Bullion Intraday Road Map for Nov 29, 2011

Gold: currently trading at 1710, day trading range will remain between 1680-1740.Trend will remain sideways. Immediate support seen at 1705 below 1705 fall till 1698-1692 can’t be ruled out. 1699 will act as midpoint of this trading range bears will remain aggressive below 1699. Till gold trading above 1705 gold will remain bullish and major resistance for the day are 1722-27-1740.

Silver: currently trading at 31.91, day trading range will remain between 30.50-33. Yesterday nice selling seen near our expected resistance are of 32.30 and silver entered under 32, today further upside only possible above 32.30 other wise bears will remain aggressive. Immediate support seen at 31.75 failure below this support silver will try to taste 31.30-31 are during the day. Major resistance for the day will remain at 32.30 above this rally will take it to 32.60-33 during the day. Intraday trend will remain sideways.

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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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