Bullion MCX Intraday Road Map for Jun 04, 2012

Gold: closed at 30080, day trading range is expected to remain between 29400-30200; trend is sideways with bullish bias. Immediate support at 30050 failure may take it to 29900-880 failure below these zones will take it to 29700-29550 but 29400 will remain key support for short term. Stability above 30050 will support bulls and it will try to move towards 30150 to 30250 for the day.

Silver: closed at 55872 day trading range will remain between 53000-55200, trend will remain sideways. Immediate support seen at 54450 failures may take it to 54200-54000 for the day. 53900 looking good support failure may take it to 53700-53500 for the day 54600 looking good immediate support stability above 54600 will provide some power to move towards 54850-55000-55150 but 55200 will remain key resistance for the day on closing basis, close above 55200 will trigger a short term bullish attempt for 1500-2000 points.

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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...

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Nifty Struggles at 24800: What Options Data Tells Us About Market Direction

Nifty settled at 24,578 , down by 1.39% on Tuesday. The index failed to attract follow-up buying above 24,800 , which acted as a strong resistance zone (as highlighted in our previous write-up dated May 2, 2025 ). It eventually closed well below this level, indicating the presence of selling interest near key resistance. Technical Overview: Nifty successfully tested the resistance zone of 24,800 and subsequently formed a bearish Harami pattern on the daily chart. This pattern coincides with a recent swing top and occurred near a resistance zone, thereby strengthening its technical significance. A large trading range was observed on Monday, May 12, 2025 , which suggests the possibility of a sideways move in the coming sessions. Despite the recent pullback, the intermediate trend remains bullish as the price is still holding above the 9 and 21 DEMA levels. Moreover, the 9 DEMA is placed above the 21 DEMA , confirming the uptrend. Key support is now seen in the 24,100–24,000...

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