Bullion Intraday Road Map for Dec 29, 2011

Gold : currently trading at 1557.55, day trading range will remain between 1530-1595. Trend will remain down. Gold has tasted important support of 1550 and made low of 1549.50 that is suggesting more weakness in this counter. 1559 is an important weekly support that has been broken, signalling down trend will remain continue for 1530-1470-1430. Weekly closing below 1555 will decide farther down side. Intraday resistance seen at 1564 if manage to hold above this mark then rebound possible till 1590-92 but 1592 will be key resistance for the day.

Silver: last traded price is 26.97 expected trading range will remain between 26-28 , today silver made low of 26.73 it has done our long awaited target of 26.70 successfully and trend is still looking weak. Intraday important levels to watch 26.70-26 break below 26 will supply more power to our bearish view and silver expected till slid till 24-22 in short to midterm. Intraday key resistance seen at 27.40-27.45 zones if manage to hold that level then rebound possible otherwise silver may face selling pressure around 27.45 during intraday rebound.

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LIC Housing Finance; time for bulls?

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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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