Bullion Intraday Road Map for May 07, 2012

Gold: Currently trading at 1638.59 day trading range will remain between 1624-1652, trend is down. Gold moving in a symmetric triangle and turned back from support line of triangle on Friday today failure below 1624 would signal symmetric triangle breakout that may take it to 1585-1575 zones in very short term. Intraday key resistance seen at 1652 stability above 1652 may attract short term bulls otherwise trend will remain down and 1624 will remain key support.

Silver: Currently trading at 30.13 day trading range will remain between 29.60-31.50. Trend is down. Today important resistance to watch is 30.50 stability above 30.50 will support intraday bulls and it will try to head towards 31-31.40 but 31.50 will remain key resistance for short term. Immediate support seen at 29.90 breaks may take it to 29.60 for the day. Till silver closing below 31.50 short terms outlook will remain bearish and 28.60-26.30 are expected levels.

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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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