MCX Bullions road map for 23 July, 2012

Gold: closed at 29277, trading range 29100-29380, trend sideways. Immediate resistance seen at 29310 stability above 29310 will take it to 29360-450 for the day. Stability below 29310 will remain supportive for intraday bears and gold will try to head towards 29220-29180 zones. Key support will remain at 29100 failure would signal decline till 28900-28600 zones. Important resistance to watch is 29380 stability above this level will remain supportive for bulls.

Silver closed at 52842, day trading range will remain between 52000-53500, trend is sideways. Immediate resistance seen at 53120 stability above this level will remain supportive for bulls and silver may head towards 53300-53500 zones. Key resistance will remain at 54500 for short term. Immediate support seen at 52600 failures may take it to 52450-52250 zones but 52200 will remain important to watch failure may trigger weakness that will take it to 51700-51400 zones.

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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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