Bullion Road map for Nov 17, 2011

Gold: Currently trading at 1760, like yesterday intraday trading range will remain between 1745-1790. Trend will remain sideways till trading in this range break below 1745 would signal a decline till 1725-1705 but 1680 will remain a key support for short term. Immediate resistance seen at 1770 above 1770 intraday next resistance at 1790 that will be act as key resistance.

Currently trading near support area so here is a good chance for risk lever to entering in longs around 1755-60 range with stop loss of 1745 for expected rise till 1770-1785 for the day.

Silver: currently trading at 33.80, intraday trading range will remain between 33-34.60. as per my yesterdays road map silver was not able to cross said support of 33.60 and resistance of 34.60 nice movement seen between my said range. On daily basis 33 is very important to watch if close below 33 then this short term trend will fail and silver may fall till 30.50 and more down side. Intraday 33.50 looking good support trader rebound can take place till 34.10-34.50 before further down side break below 33.50 would take it to 33-32.90 but for major down side it need to sustain below 33 for some time. And closing below 33 will be added advantage for bears.

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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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