MCX Bullions road map for 20 Jun, 2012

Gold: closed at 30214, day trading range 29950-30370, trend sideways with bearish bias. Today 30270 will remain intraday trend decider above that if manage to hold then gold will try to head towards 30340-30440 zones. Above 30440 if manage to hold then it will open doors for 30600-31000 in short term. Stability below 30270 will be supportive for intraday bears and likely to taste 30120-30000. It is likely to take minor support around 29970-980 zones if manage to break that support then intraday decline till 29880-850 zones can’t be ruled out.

Silver: closed at 54465, day trading range 53600-55300, trend down. Yesterday silver was attacking key resistance of 55300 but was not able to break that level and nice decline seen from resistance area. Today trend decider level will be 54650 stability above this level may trigger intraday recovery and silver will try to head towards 55000-55200 zones, stability above 55250-300 will take it to 55500-55900 for the day. Support seen at 54250 failures will take it to 53950-53700 zones. 53700 will remain key support on daily closing basis.

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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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