Bullion Intraday Road Map for Dec 21, 2011

Gold: currently trading at 1625.85 day trading range will remain between 1580-1644. Trend will remain bullish over very short term time frame. Immediate support seen at 1617 if manage break below 1617 will open the door for 1612-1605 for intraday trading. Overall gold will remain bullish till trading above 1580 and it is likely to taste 1640-65-85 during this pullback. As we are expecting at starting of this week. 1644-45 zones can act as a reversal zone for a very short term correction that may take it to 1615-1605 zones.

Silver: currently trading at 29.54 day trading range will remain between 28.60-30.80. Immediate hurdle seen at 29.91 breaks above 29.91 would confirm rally till 30.30-30.80 for the day. Trend will remain bullish for very short term till silver trading above 28.50 and likely to taste 30.80-31.70 during this pull back. Immediate support seen at 29.25 breaks will take it to 29-28.75 for the day. 28.50 will remain key support for the day break would signal resumption to down trend and will open door for 26.70 our long awaited target for this bearish move.

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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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