Bullion MCX Intraday Road Map for May 30, 2012

Gold: closed at 28859, day trading range will remain between 28700-29100, trend will remain down, but weakness in Indian rupees may support bullion prices in domestic markets. Immediate support seen at 28800 failures will take it to 28740-680 for the day; it is expected to take support at 28700-680 zones, if fails to hold these supports then gold may fall till 28530 for the day. Immediate resistance seen at 28970 stability above this level may take it to 29040-29070 zones. 29200 will remain key resistance for short term.

Silver: closed at 53964 day trading range will remain between 53000-55000, trend down. Immediate support seen around 53700-750 zones failure below these levels will take it to 53400-53100 for the day. 53000 will remain good psychological support for short term failure below 53000 may take it to 52100-51300 in short term. 54220 will remain trend decider stability above 54220 may supply some power to intraday bulls that may take it to 54500-54700 zones but 55000 will remain key resistance for short term and 2 consecutive close needed above 55000 to confirm a rise till 56500 zones.

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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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