Bullion Intraday Road Map for Dec 06, 2011

Gold: currently trading at 1713.29, trading range for the day will remain between 1665-1735. Immediate support seen at 1698 and resistance placed at 1725 till gold trading below 1725-27 zones its likely to taste 1698-1665 zones during the day. Above 1725 major resistance seen at 1737 if manage to hold above 1737 then trading range will remain open for 1755.

Recommendation: buying around 1703-1705 would be a good idea with stop loss below 1698 on 240 minute closing basis for targeting around 1724-1734 for the day.

Silver: currently trading at 31.95, day trading range will remain between 31-33. Immediate resistance placed at 32.20 above that area would take it to 32.50-33 major resistance seen at 33.10 above that it will turned in to bull’s zones otherwise looking week and it is likely to taste 31.30-31 zones during the day. 30.50 will remain important support and a break below this level would confirm a decline till 29.60-28.20-26.70 as per daily chart silver is already weak as per my previous post as it has broken support of rising wedge support line and suggesting silver is likely to taste 26.70 after a break below 30.50 on daily basis.

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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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