Bullion Road map for Nov 28, 2011

Gold: currently trading at 1704.93, intraday trading range will remain between 1680-1740. Immediate resistance seen at 1714 range hourly closing above 1714 would signal rally up to 1727-1740 for very short term. Immediate support seen at 1700 failure below 1700 would signal and declines till 1690-1680 zones. Trader can take long positions around 1702-1704 with s strict stop loss below 1697 for expected targets around 1713-1725 during the day.

Silver: currently trading at 31.66, day trading range will remain between 30.50-32.60. Silver is taking very strong support near 30.50 zones and its 2^nd time when silver jumped from that support area. Today also 31 and 30.50 will act as very strong support zones further fall only possible below 30.50 other wise rally may take it to 32.60 during the day. Immediate support seen at 31.30 below this fall till 30.90 zones can’t be ruled out, 30.50 will remain major support for short term. Immediate resistance seen at 31.90 above that intraday rise expected till 32.30-32.60. Buying around 31.30 will be a good idea with stop loss below 30.90 for targeting around our said resistance zones.

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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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