Bullion Road Map for Nov 01, 2011

Gold comex : intraday expected trading range between 1690-1730. Yesterday range bound moment seen in gold between ranges of 1730-1703. Today also 1703-1730 ranges will play important role for day trading. Intraday trend will remain sideways a break below 1693 would confirm a intraday decline till 1670-1660 ranges a respect of 1693 would confirm bullish move to be continue for 1730-1760. Till gold trading below 1732 zones intraday very short term trend will remain down and break of 1693 is likely above 1732 crossover can neglect this intraday bearish view.

Silver comex: silver expected intraday trading range between 34-35. Silver is still bounded in a range between 34-34.65 and taking nice support at 34 areas. Penetration of 34.65-34.70 zone is likely a respect would confirm a retest of 34.10-34 zones. Above 34.70 intraday 35-35.60 possible.

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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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