Bullion Road map for Nov 18, 2011

Gold: yesterday huge selling seen in gold as per our expectations. Currently trading at 1725 after making a low of 1710.46. Trading range will remain between 1680-1750. After yesterday sharp fall today we can see a rebound in market and gold may taste upper band of today trading range overall 1770 will remain key resistance for short term selling on rise can be good idea because technically 1705-1695 range is still due as per our expectations.

Silver: yesterday nice selling pressure seen as per our mapped trend and silver made low 30.95 where we were expecting 30.50 as my 1^st target. Currently trading at 31.48 day trading range will remain between 30.50-32. Sideways moment expected for the day some jump can’t be ruled out during day trading because its reached in over sold zone on very short term intraday charts technically trend is down yesterday it has formed rising wedge breakout that is the sign of resumption in previous down trend silver expected targets are 28.70-26.60 in coming days. But a short term rise can’t be ruled out from current levels selling on rise will be good idea.

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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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