MCX Bullions road map for 12 July, 2012

Gold: closed at 29265, trading range 29000-29450, trend sideways. Immediate resistance seen on 29300 stability will take it to 29360-420 zones. Key resistance will remain at 29450 todays close above 29450 would neglect fresh bearish developments otherwise weakness will remain continue in mcx gold. Stability below 29300 zones will remain supportive for bears 29200 looking good support area failure will take it to 29130-29050. 29000 can act as good psychological support failure will take it to 28930-860 zones.

Silver: closed at 52735, trading range 51900-53450, trend is sideways. Today’s trend decider level is 52700 stability above this will remain supportive for bulls and it will try to move towards 52930-53150-53300 key resistance will remain at 53450. Stability below 52700 will support intraday bears and silver may fall till 52500 important supports seen at 52450 stability below this level may trigger more weakness and silver may hit 52150-51950.

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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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