MCX Bullions road map for 29 Jun, 2012

Gold: closed at 29652, trading range 29500-29900; trend is sideways with negative bias. Yesterday sharp decline below 29860 as we were expecting. Today key support will remain at 29500 recovery expected from 29570-29500 zones. Closing needed below 29500 to confirm further down side. Resistance seen at 29780-800 zones stability will trigger intraday rally till 29900 and more upside. Technical outlook will remain bearish for short term.

Silver: closed at 51756, trading range 50800-52600, trend is down. Immediate support seen at 51650 failures will signal intraday decline till 51300-51200 zones. Stability below 51200 will take it to 50800 zones for the day, overall trend is down and this swing is open for 50000. Immediate resistance seen at 52150 stability above this level would signal intraday recovery and it will try to hit 52400-52500 zones. 52600 will remain important to watch stability may trigger recovery otherwise down trend will remain continue.

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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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