- MARKET NEWS UPDATE:
Ahead of the rate decision tomorrow the ECB President commented that the central bank may participate in short-term bond buying fuelling bullish sentiments. The shared currency Euro has rallied since then extending gains to non-agri commodities. Supported by positive non-farm productivity and unit labor cost from US, we expect riskier assets to outperform and may continue the gaining spree for the rest of the session.
Technical Updates :
- Silver Dec MCX :
future prices are likely to remain higher as long as 61600 support is provided. In case if prices breaches the support at 61600 would lead the prices to see correction towards 61380/61200. Momentum traders can take this kind of action. Sell below 61600 TP 61450/61300 SL above 61760. CMP 61960
- Crude oil Sep :
Nymex future prices are trading down by 0.7% from previous close. Prices are trading near support levels of $93.90 levels, which is likely to limit the downside fall. Break below $93.90 would trigger further selling towards $93.40/92.90 levels.
MCX future prices are likely to remain lower as long as 5360 resistance remain intact. A daily closing below 5250 would confirm further weakness in the prices. We suggest selling on pullbacks with stoploss above 5390. CMP 5296
- Base metals Update :
Intraday bias remains upside. We suggest buying on dips.,Kindly go through the following support and resistance levels.
- Copper Nov MCX : Supports: 436/434 Resistances : 439/441. CMP 437.2
- Zinc Sep MCX : Supports : 104.6/103.9 Resistances : 105.3/106. CMP 104.95
- Lead Sep MCX : Supports : 111.6/110.8 Resistances : 112.4/113.2. CMP 112
- Nickel Sep MCX : Supports : 892/886 Resistances : 904/912. CMP 897.80
- Aluminium Sep MCX : Supports : 108.9/108.2 Resistances : 109.7/110.4. CMP 109.3