Commodity Big Shot-Indian Market View, VOL-115

On Friday, Gold-Silver ratio dropped which gave reverse impact on Gold and Silver prices. On the other hand, base metal rally continues especially in Copper and Zinc. Stop loss triggered in Crude oil. Need not to worry at all, soon we will recover this loss.

Today's data and Event

India's WPI Inflation and Manufacturing data. It will give impact on INR.

Bullion

Gold has support at 47100 and resistance at 47600. 

Looks weak below 47100 and could test 46900---46600 levels else it could test it's resistance level of 47600 again. More and more upside rally we will see on a close above 47600 levels.

On the other hand, Silver not able to breached it's support level of 68000 and bounced back sharply again. Silver has support at 68000 and resistance at 69500.

Above 69500, target looks 70300---70700. More and more upside rally will see on a close above 70700 levels only.

Fresh selling we will do on a close below 68000 levels.

MCXBULLDEX

Support at 14900 and resistance at 15120. 

Buy above 15120 with stop loss below 14900 for the upside target of 15400---15500.

Base Metal

1) Copper has support at 638 and resistance at 645. Correction could arise on a close below 638 levels only.

2) Nickel has support at 1325 and resistance at 1365.

3) Zinc has support at 221 and resistance at 227.

4) Lead has support at 168 and resistance at 172

5) Aluminum has support at 167 and resistance at 169.

Energy

Crude oil has support at 4250 and resistance at 4300. 

Above 4300... Target looks 4380---4450+++ levels. Fresh selling we will do on a close below 4250 levels only.

Natural Gas... Expect huge upside rally and any sharp downside panic will be buying opportunity in it. Support and stop loss below 198 on a closing basis.

Top Pick

Silver, Copper and Crude oil likely to open gap up, rest all commodities are trading flat. We will provide top pick during market hours.

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