Bullion Intraday Road Map for May 16, 2012

Gold: currently trading at 1534 day trading range will remain between 1520-1565, trend is down and but today 1520 will play important role for gold closing below 1520 would signal more down side and it may fall till 1500-1460 in coming days recovery possible from support area of 1520-1525 for the day. Immediate resistance seen at 1540 recovery above 1540 may take it to 1548-1555 for the day but 1565 will remain key resistance for the day.

Silver: Silver trading at 27.44 day trading range will remain between 26-28.60 trend is down. Silver trading at key support of 27.30 further down side for the day only possible below 27.30 immediate resistance seen at 27.70 recovery above 27.70 will take it to 28.10-28.40 for the day but 28.60 will remain key resistance for the day. below 27.30 it will try to move towards 26.80-26.30 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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