Bullion Intraday Road Map for May 24, 2012

Gold: currently trading at 1560 day trading range will remain between 1518-1600, trend is sideways. gold having a strong hurdle at 1565 stability needed above 1665 to confirm further bullishness above 1565 it will try to head towards 1572-1584 but 1600 will remain psychological resistance for short term stability above 1600 would offer 1654 as primary target. Support seen at 1554 stability below this level would offer intraday weakness till 1547-1542 and 1528 will remain key support over short term failure may signal short term weakness that will take it to 1511-1455.

Silver: trading at 27.74 day trading range will remain between 26.50-28.20, trend will remain sideways. Silver having very strong hurdle in range of 28.10-2820 stability needed above 28.20 to confirm intraday recovery that may take it to 28.40-28.70 zones. 29 will remain key resistance for the day. Immediate support seen at 27.65 failures will take it to 27.40 zones. Key support for short term will remain at 26.70 failures would signal more weakness that may take it to 26-24 in coming days.

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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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