Today Indian commodity market open with a mixed trend and expected a volatile trend for whole day. MCX base metals are trading in negative side and advised to take short position for intraday trade. MCX copper, nickel, lead all are breaches form opening position and movement is look very dull and negative on domestic market. However recovery may be seen on intraday trading at Multi commodity exchange.
MCX gold and silver prices are bullish on intraday trading, a good positive show are seen forming after a mild correction had seen on early in Indian currency. Another reason that support bullion prices upside is that china inflation move up year to year this year it raised by 2.7% against last year. China inflation helps gold prices to trade above $1250 and last watched at $1253.10 up by 0.68%. Similar trend is watched on white metal at MCX that rise by +250 point at 40638 and expected more increment on day trading.
Support and resistance
S1: 26000, S2: 25900
R1: 26489, R2: 26570
Crude oil continue felling on second day also which open at 6244 against its last close of 6250. Global Brent crude is trading in red side at 107.31 by dropped -0.12 point. MCX crude oil is following a bearish trend and expected to trade in range between 6150 - 6320. In energies after week positive start natural gas is fail to continue its positive track at MCX. Today on intraday trade MCX natural gas is looks bearish for whole day in deep side below 226.
SELL COPPER AUGUST BELOW 414 TGT 413, 411, 408 STOPLOSS 420
SELL NICKEL JULY BELOW 810 TGT 809, 807, 804 STOPLOSS 817.50
SELL LEAD JULY BELOW 124.50 TGT 124, 123.50, 123 STOPLOSS 126
SELL CRUDE OIL July BELOW 6200 tgt 6190, 6170, 6150 stoploss 6260
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