MCX Bullions road map for 31 July, 2012

Gold: Oct gold on mcx closed at 30167, trading range 29800-30420, trend is sideways. Immediate support seen at 30100 failures would signal intraday weakness and gold will try to head towards 30000-29980 failure below 29980 may take it to 29930-850. Short term key support will remain at 29800. Immediate resistance seen at 30200 stability will take it to 30260-370 zones.

Silver: closed at 53341, trading range 53000-54500, trend is sideways with bullish bias. Today 52490 will remain important to watch, stability above 53500 will remain supportive for bulls and silver may head towards 54200-54300 zones for the day, key resistance will remain at 54500 for short term. Failure below 53490 may take it to 53200-53050 key support will remain at 52980 failure may trigger more weakness for the day.

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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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