Precious Metals
Gold opened the session on a negative note and rallied to an
intraday high of Rs29084 levels but not sustained at higher levels and
corrected to an intraday low of Rs28831 levels finally closed the session at Rs28969
levels. Rs28800 is strong support levels for gold in the near term. Sustenance
above the same will see the gold price heading towards Rs29200–Rs29300 levels.
Silver traded the session on a negative note to close the
session at Rs53818 levels.Rs53500 is good support for silver in the near term.
Sustenance above the same will see the silver price heading towards Rs54500 –
Rs55000 levels.
Base Metals &
Energy
Nickel opened the session on a flat note and rallied to an
intraday high of Rs948.6 levels but not sustained at higher levels and finally
closed the session at Rs942.8 levels. Rs948– Rs950 is stiff resistance for
nickel in the near term. A close above the same will see the nickel price
heading towards Rs962 – Rs 965 levels.
Copper traded the session on a negative note to close the
session at Rs426.3 levels. Near term support for the copper is placed at Rs424
- Rs425 levels. Sustenance above the Rs 424 levels will see the copper price
heading towards Rs 432 – Rs 435 levels.
Crude oil opened the session with a negative gap and rallied
to an intraday high of Rs 5154levels but not sustained at higher levels and
corrected to an intraday low of Rs 5066 levels and finally closed the session
at Rs 5087 levels. upside rally in the crude oil is only possible if it close
above its short term moving average placed at Rs 5120 levels on the daily
chart.
MCX ALUMINIUM MAY
Rs111.25
We recommend traders to buy above 111.60 levels with a stop
loss placed below Rs110.85 levels for upside targets of Rs113/ Rs113.5 levels.
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