Bullion Intraday Road Map for Jan 4, 2012

Gold: last traded price 1598.57 day trading range will remain between 1580-1620. Intraday trend will remain sideways with positive bios. Intraday resistance seen at 1608.60 above that gold is likely to taste 1615-1620 for the day. But key resistance for the week and day is 1645 if manage to cross and close above 1645 then only trend change possible for short term otherwise we are expecting reversal from that zone. Immediate support seen at 1590 break would signal a retest to 1580 zones. Failure below 1580 is less likely but would signal 1560 levels to taste.

Silver: currently trading at 29.28 expected trading ranges will remain between 28.40-30.20. Trend will remain sideways with positive bios for intraday. Intraday major resistance seen at 29.75 breaks would signal retest to 30-30.20 zones for the day. 30.20-30.30 zones will play important role cross and close would signal a short term rebound that may take it to 35-37 ranges. Immediate support seen at 29.05 breaks would signal retest to 28.50 levels. Break below 28.40 would signal intraday decline that may take it to 27.80-27.0 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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