Commodity Big Shot-Indian Market View, VOL-120

Billion bounced back from lower levels while base metals skyrocketed on Friday. Short sellers trapped nicely in Copper and Nickel. We clearly recommended that trend is positive and any sharp downside panic will be the buying opportunity in it.

Today's data and Event

No major data and event for the day

Bullion

Gold has support at 45800 and resistance at 46500. Comex Gold looks has major support at $1760. If it unable to breach it's support level of $1760 then it could test $1805---$1820 again.

On MCX Division, INR will play key role in the volatility. Traders can buy Gold or Gold mini as per Gold (Check your risk appetite) around $1780 INR 46100---46000 with stop loss below $1760 INR 45800---45500 for the upside target of $1805---$1820 INR 46600---47200

On the other hand, Silver too bounced back sharply from lower levels. Fridays high and low is crucial and has no clear direction. We will maintain patience and wait for clear trend in Silver.

Mcxbulldex (March)

Support at 14600 and resistance at 14900

Break and sustain below 14600 will take it to 14300---14200 levels else it could test it's resistance level of 14900 again.

Above 14900... Target looks 15150---15280.

Base Metal (March)

1) Copper has support at 670 and resistance at 700. Don't jump to sell, we will wait for correction to buy it again.

2) Nickel has support at 1380 and resistance at 1425.

3) Zinc has support at 224 and resistance at 228.50.

4) Lead has support at 166 and resistance at 175.

5) Aluminum has support at 169 and resistance at 173

Energy (March)

Crude oil has resistance at 4400 and support at 4288. 

Natural gas has support at 207---198 and resistance at 223. Buy around 207 will be the best trading strategy with stop loss below 198 for the upside target of 217---223.

Top Pick

Buy Lead around 170. Stop loss below 166. Target 175+++

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