NEW DELHI: Bullion counter traded higher while crude oil and base metals slipped into the negative territory on Monday. Here's a lowdown on how key commodities are likely to shape up in the evening trade, as provided by Motilal Oswal Financial Services.
Base metals
Copper: Short term trend remains bearish in MCX Copper as long as Rs 426 is capped. Intraday expected trading range is Rs 417 – Rs 426.
Nickel: Pullback is expected in MCX Nickel as long as price stays above Rs 935. Intraday expected trading range is Rs 935 – Rs 975.
Zinc: Zinc is still weakest of the lot and there is no bullish signal visible yet. Trend remains bearish below Rs 179. It has immediate resistances at Rs. 175 – Rs 176, whereas supports are at Rs 170 – 169. Selling on rise is advised.
Lead: MCX Lead is facing stiff resistance at Rs 150 – Rs 151 levels. Trend remains bearish as long as price stays below the same. Selling is advised targeting lower supports at Rs 147 – 146.
Aluminium: MCX Aluminium remains bearish below Rs 141. Sideways consolidation is expected in the range of Rs 141 – Rs 138.
Crude oil: Trend remains bearish in MCX Crude oil as long as Rs 4,860 – Rs 4,880 zone curtains the higher side. Intraday supports are at Rs 4,740 – Rs 4,700 zone. Selling on rise is advised.
Natural Gas: MCX Natural Gas remains bearish below Rs 193. Selling on rise is advised. Lower supports are at Rs 187 – Rs 185 zone.
Bullion counter: MCX Gold is stuck in a range of Rs 30,100 – Rs 30,270 and either side sustained breach could be decisive. Higher resistance is at Rs 30,370 whereas lower support is at Rs 30,000 level.
Silver: MCX silver has immediate resistance at Rs 39,250 / Rs 39,420 whereas supports are at Rs 38,950 / Rs 38,800. Sideways consolidation is likely.
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