MCX Bullions road map for 02 July, 2012

Gold: closed at 29662 day trading range 29400-29800, trend consolidation. Immediate support seen 29590-600 zones stability below these zones may trigger further weakness and gold may try to head towards 29500-29450 zones for the day. Key support will remain at 29400 failure would signal short term decline till 29100-28800. Key resistance will remain at 29800 stability needed above 29750 zones to confirm intraday rally up to 29900-30000 zones. Otherwise sideways moment expected for the day.

Silver: September contract on mcx closed at 53313, trading range 53000-54300, trend down. Important to watch 53600 stability below this level will remain supportive for bears and silver will try to hit 53100-53000 for the day. Key support will remain at 53000 stability below 53000 would signal decline till 52600-52000 zones. Stability above 53600 is less likely but in case of stability above 53600 silver may head towards 54000-54200 zones. 54300 will remain key resistance stability above resistance would signal short term rally till 55000.

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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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