MCX Bullions road map for 10 July, 2012

Gold: closed at 29657, trading range 29550-29850, trend sideways. 29630 will remain important to watch stability below this level would signal intraday weakness and gold will try to head towards 29570-29520. Key support will remain at 29400 for short term failure would signal decline till 29100-29000 zones. Immediate resistance seen at 29700 stability above 29700 will take it to 29745-800 zones. 29850 will remain key resistance for short term.

Silver: closed at 53544, trading range 52900-54500, trend sideways with bullish bias. 53400 will act as trend immediate resistance seen at 53610 stability above 53610 will take it to 53900-54000-54300. Key resistance will remain at 54500 stability above 54500 would signal recovery from short term down trend. Below 53400 it will try to taste 53250-53000 zones. key support will remain at 52900 failure will take It to 52500-52200.

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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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