MCX Bullions road map for 17 July, 2012

Gold: closed at 29280, trading range 29150-29360, trend sideways. stability above 29260 will remain supportive for bulls and it will try to head towards 29330-29360 stability above 29370-400 will supply more power to bulls and gold may hit 29600-29700 zones soon. Key support seen at 29150 failure will take it to 29060-28940 closing below psychological level 29000 may create panic otherwise trend will remain on place and likely to hit 29600-29700.

Silver: closed at 52745, trading range will remain between 52000-54000; trend is sideways with bullish bias. silver having immediate support at 52600 stability above 52600 will remain supportive for bulls and silver will try to head towards 53000-53300 stability needed above 53300 to confirm a retest of 54000-54200 zones. Key resistance will remain at 54500 for short term. Silver having strong support at 52350 on daily close basis close below this level may trigger more weakness for 51300-50000 zones otherwise bias will remain bullish.

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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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