Bullion Intraday Road Map for Apr 24, 2012

Gold : currently trading at 1635, day trading range will remain between 1600-1660, very short term trend is sideways with negative bias. Yesterday’s gold made low 1623 and nicely recovered from those levels. 1624 is acting as strong support as we were expecting in our gold short term trend analysis video. Today 1643-1648 zones will remain very strong resistance stability above these zones would confirm short term recovery in gold. Immediate support seen at 1624 daily close below 1624 will offer further negativity and gold will try to head towards 1585-1525 zones in coming days. till gold holding 1624 as support on daily close basis our outlook will bullish in gold.

Silver: currently trading at 30.77, day trading range will remain between 30.30-32, very short term trend will remain bearish in silver. On daily chart silver trading near dead zone and stability below 30.30-30.40 zones would invite more bears and silver will try to head towards 28.60-26.30 in coming days. Today key support will remain at 30.30 stability needed below this level to expect further down side. Immediate resistance at 31.32 cross above 31.32 will take it to 31.70-31.80 but 32 will remain key resistance for intraday trading.

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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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