MCX Bullions road map for 04 July, 2012

Gold: closed at 29473, trading range 29300-29720, trend sideways with negative bias. Today trend decider level will be 29520 stability below this level will remain supportive for sellers and gold will try to hit 29420-400 zones. Key support seen at 29370-380 failure of these levels is less likely; in case of failure it will trigger more weakness. Above 29520 if manage to hold then it will try to hit 29580-620 zones. 29640 will remain key resistance for the day.

Silver: closed at 53706, day trading range will remain between 53000-54300, trend is sideways. 53700 will remain important to watch stability above this level will remain supportive for bulls but key rest seen at 53900 stability above 53900 needed for retest of 54200-400 zones. 54500 will remain key resistance for short term. Below 53700-680 it may trigger intraday weakness and silver may head towards 53450 zones. Support seen at 53400 failures will take it to 53200-53000. Key support seen at 52900 failures will trigger more weakness.

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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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