Commodity Big Shot-Indian Market View, VOL-112

Yesterday, bullion traded within a range while base metals traded with positive bias. Hope you all enjoyed our levels on a daily basis.

Today's data and Event

US CPI and Core CPI data at 7 PM

Crude oil inventory at 9 PM.

Bullion

Gold has support at 47400 and resistance at 48250. 

Looks positive and could test it's resistance level of 48250. Break and sustain above 48250 will take it to 48600---48900 levels.

Keep profit booking and maintain stop loss below 47400. 

On the other hand, Silver has support at 68800 and resistance at 70500---70900

More and more upside rally we will see on a close above 70900 levels. Till then traders can trade within a range and wait for confirmation. 

MCXBULLDEX

Support at 14900---14600 and resistance at 15300. 

Traders can trade within a ra ge and wait for confirmation. 

Base Metal

1) Copper has support at 621 and resistance at 632. Keep profit booking at higher levels.

2) Nickel has support at 1320 and resistance at 1350. Above 1325, target looks 1340---1350. Support and stop loss below 1325. 

3) Zinc has support at 212 and resistance at 217.50. Looks positive and could test it's resistance. Fresh selling we will do below 212 on closing basis. 

4) Lead has support at 164 and resistance at 167

5) Aluminum has support at 164 and resistance at 167.50.

Energy

Crude oil has support at 4180 and resistance at 4280. 

Above 4280... Target looks 4380---4450+++ levels. Support and revise stop loss below 4160 on a closing basis. 

Top Pick

Buy Nickel above 1341. Stop loss below 1325. Target 1362

Read disclaimer before investing. For queries, contact your RM