Bullion Intraday Road Map for Apr 03, 2012

Gold: currently trading at 1679.87, day trading range will remain between 1660-1703 trend will remain up. Immediate support seen at 1674 failure below 1674 may take it to 1668-164 for the day. But 1660 will remain key support for the day. Resistance seen at 1686 sustainability above 1686 will open the doors for 1696-1708 during today’s trading session.

Silver: currently trading at 33.02, day trading range will remain between 32-34.40 intraday trend will remain up. Metal trading near its important resistance of 33.20 sustainability above would signal neckline breakout of reversal pattern that has been appeared on silver 240 minute chart and would offer 34.30 as targets. Intraday minor support at 32.37 and 32 major support will remain at 31.50 resistances are 33.70-34.40 but 34.40 will act as very strong hurdle.

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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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