MCX Bullions road map for 16 July, 2012

Gold: closed at 29268, trading range 29100-29400, trend sideways. Immediate support seen at 29250 failure will take it to 29200-29160 key support for short term will remain at 29100 failure may take it to 28950-28800. Stability above 29250 will remain supportive for bulls and gold will try to head 29330-370 zones. key resistance will remain at 29400 stability above 29400 will trigger short term recovery that will take it to 29650-700 zones.

Silver: closed at 52767, trading range 52000-53900, trend sideways. Immediate support seen at 52580 failures may trigger intraday weakness and silver will try to head towards 52250 zones. Key support will remain at 52000 for short term failure will take it to 51850-51250-50000. Stability above 52580 will remain supportive for intraday bulls and silver will try to head towards 53000-53300 but 53300 may act as good rest stability above 53300 would offer 53600-53850 as target areas.

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First step towards becoming Financial Independent...

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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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