Commodity Big Shot-Indian Market View, VOL-126

Hope you all enjoyed the power of levels. Gold and Silver not able to breach it's resistance level of 46200/70300 and slipped again. Gold breached 45600 levels. Still there is no sign of reversal in the market.

No major data and event for the day

Bullion

Gold has support at 45050---44900 while resistance at 45600.

Traders holding short as per our levels in Gold can book part profit around 45050---44900. Revise stop loss at buying cost.

On the other hand, Silver (May) has support at 68500 and resistance at 70300.

Fresh upside rally we will see on a close above the resistance level of 70300 only else it could test it's support level of 68500 again

Fresh downside panic we will expect on a close below 68500 levels only.

Mcxbulldex

Support at 14400 and resistance at 14700.

Traders holding short from 14700 can hold with revise stop loss at cost. More and more downside panic we will see on a close below 14400 levels only.

Base Metal

1) Copper has support at 685 and resistance at 710. Sell on the rise around 702---704 with stop loss above 710 for the downside target of 685.

2) Nickel has support at 1350 and resistance at 1375.

3) Zinc has support at 217 and resistance at 223

4) Lead has support at 167 and resistance at 171.

5) Aluminum has support at 169 and resistance at 173

Energy

Our sell call of Crude oil below 4580 proven great. We recommended selling in our weekly report.

Crude oil has support at 4400. Break and sustain below 4400 will take it to 4320---4280 levels.

Hurdle and revise stop loss above 4500 on a closing basis.

Natural gas has support at 198 and resistance at 208. Above 208, target looks 217---223.(Maintain strict stop loss below 198 on a closing basis)

Top Pick

Sell Silver mini as per Silver ( May) below 68500. Stop loss above 70300. Target 66000---65000.

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