MCX Bullions road map for 30 July, 2012

Gold: Gold Oct. contract closed at 30150, day trading range 29950-30300, trend is sideways. Immediate support seen at 30100 failures would signal intraday weakness and gold may fall till 30000-29950 for the day. Key support will remain at 29900. Immediate resistance seen at 30200 stability may take it to 30200-30250 zones. Key resistance will remain at 30300 for the day.

Silver: closed at 53228, trading range 52200-53600, trend sideways. Silver is moving between ranges of 53000-536000 after breakout above 53100. Today 53000 will remain important to watch failure may trigger intraday weakness and it may try to taste 528850-650 zones for the day. Key support will remain at 52200 for short term. Key resistance seen at 52600 breakouts above this level will offer 54000-54300 as target area for very short term. Key resistance will remain at 54500 for short term.

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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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