GOLD IS GETTING READY FOR ROCKET RIDE...

Gold on MCX struggling near descending resistance line of symmetric triangle at the same time 14 Period RSI moving above 50 with ascending support suggesting bulls are in action, breakout in expected direction may trigger a good bull move on MCX immediate resistances are 28815 and 28950 stability above these resistances would offer 29400 as primary resistance above that rally till 31000-31500 can’t be ruled out according this technical pattern. Recently short term SMA 20 crossed above SMA 55 is also supporting bullish view. Immediate support seen at 28300 failures below 28350 may neglect our bullish expectations. Stability above 28950 zones needed to confirm this bullish breakout entering in longs would be good idea during pullback after confirmation of this bullish breakout.

Recommendation: our outlook will remain neutral, and watching price action near resistance we will enter in longs during pullback after confirmation of breakout.

Resistances: 28815-28950-29400

Supports: 28300-27900-27400

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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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