Bullions road map for 11 Jun, 2012

Gold: closed at 29536 day trading range between 29300-29800, trend will remain sideways for short term with trading range between 29100-30300. Immediate resistance seen at 29650 stability needed above 29650 to confirm recovery of Thursdays fall and it will try to taste 29750-800 zones. Immediate support seen at 29500 failures may trigger intraday weakness and gold may taste 29460-29420 for the day key support will remain at 29300-280 zones. Stability above 29300 will be supportive for bulls and gold will remain open to taste 29800-30200 in near term. Failure below 29300 may neglect our bullish expectations.

Silver: closed at 54201, trading range will remain between 53800-55800, short term trend is sideways. Immediate resistance at 54380 penetration of resistance will supply power to bulls and it will try to taste 54700-750 zones. Stability above 54800 would supply more power to intraday bulls and retest of 55100-55800 zones possible after a successive breakout above 54800. Immediate support seen at 54000 failures may trigger intraday weakness and it may try to taste 53850-800 zones for the day. 53500 will remain key support for intraday and 53800 will remain key support for short term on daily closing basis and recent bullish development will remain intact.

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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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