Bullion Intraday Road Map for Jan 16, 2012

Gold: currently trading at 1639.95, weekly trading range will remain between 1600-1666, intraday expected trading range will remain between 1620-1666, and trend will remain sideways for the day. Immediate resistance seen at 1642 if manage to hold above 1642 then intraday rise possible till 1648-1655 for the day. 1629 looking good immediate support break below this would signal intraday weakness and 1618 can’t be ruled out for the day.

Silver: currently trading at 29.58 day trading range will remain between 28.40-30 intraday trend is weak and important support seen at 29.40 break would signal a retest of 29-28.70-28.40 zones in very short term. Intraday immediate resistance seen at 30 breakouts above 30 would signal intraday recovery but major resistance will remain at 30.80 for this swing and above 30.80 on 240 minute closing basis would signal a uptrend till 32.20-32.70 zones in 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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