Commodity Big Shot-Indian Market View, VOL- 110

A deep hearted condolence for those who lost their lives in Uttrakhand. We pray for a speedy recovery for those who are still suffering from this disaster. 

On Friday, we clearly indicated to buy metal segment. Bullion and base metals skyrocketed from lower levels. Hope you all enjoyed rally in Copper, Nickel and in Silver. 

Today's data and Event

No major data and event for the day. 

Bullion

Gold has support at 46600 and resistance at 47500. 

Looks positive and could test it's resistance. More and more upside rally we will see on a close above 47500 levels. 

Keep stop loss below 46600. 

On the other hand, Silver has support at 68200---67000 and resistance at 69000

Any sharp downside panic will be the best buying opportunity in it. Support and stop loss below 67000. 

MCXBULLDEX

Support at 14600 and resistance at 15200.

Buy Mcxbulldex around 14900 with stop loss below 14600 for the upside target of 15200 and then to 15500. 

Base Metal

1) Copper has support at 600 and resistance at 612.

2) Nickel has support at 1290 and resistance at 1325

3) Zinc has support at 210 and resistance at 213

4) Lead has support at 164 and resistance at 167

5) Aluminum has support at 161 and resistance at 165

Energy

Crude oil has support at 4080 and resistance at 4180. 

Expect downside panic on a close below 4080 levels else it could test it's resistance level of 4180. More and more upside rally we will see on a close above 4180 mark. 

Trade safely as per levels given above.

Top Pick

Base metal still looks positive on the daily chart. Keep buying and lower levels and profit booking at higher levels will be good trading strategy for the day)

Buy Gold mini as per Gold around 47250. Add more lot around 46900. Stop loss below 46600. Target 48500

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