Bullion Intraday Road Map for Feb 28, 2012

Gold: currently trading at 1768.58 day trading range will remain between 1740-1805 intraday trend will remain sideways. Gold is trading above its critical resistance of 1763 that has become support now. Till gold trading above 1760 zones looking good and likely to taste 1796-1805 during this swing. Failure below 1760 may take it to 1752 zones. 1740 will remain key support on intraday basis. But failure below 1760 is also very less likely.

Silver: currently trading at 35.40 day trading range will remain between 34-36.20; intraday trend will remain sideways with negative bias. Silver is moving in a range between 35-35.70. healthy closing above 35.70 would signal 36.20 and more upside for the day. Immediate support placed at 35 failures below 35 will take it to 34.60-34.40 area. But 34 will remain key support for the day.

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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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