MCX Bullions road map for 22 Jun, 2012

Gold : closed at 28843 29843, day trading range will remain between 29500-30130, intraday trend sideways, short term trend is up. Immediate support seen at 29800 stability below 29800 will take it to 29730-690. Key support will remain at 29500 for short term. 29990 will remain important resistance stability above 29990 will take it to 30100-30120 key resistance for the day will remain at 30275 stability above this level will trigger further upside.

Silver: closed at 52898, day trading range will remain between 52300-53960, short term trend is down. Intraday key support seen at 52800 stability below this level will take it to 52500-52200 zones, 52000-52200 zones will remain key support and stability below these levels will trigger fall till 51800-51300 in very short term. Today trend decider level will be 53400 stability above this level will take it to 53700-53900-54200 for the day. key resistance will remain 54500 closing needed above 54500 to confirm recovery, otherwise short term trend will remain down and silver may hit 52300-51400-49000 in short term.

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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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