Tuesday, July 08, 2014
Market Overview
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Precious metals are weaker ahead of the U.S.
market open and prices may remain range bound
ahead of the release of the FOMC minutes
tomorrow.
Time
Economic Release
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Country
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Prior
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Base metals are largely flat as markets await
fresh triggers. Earlier UK industrial production
data was below expectations at -1.3%.
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Crude oil prices are likely to remain weaker after
re-opening of ports in Libya and markets will
await the EIA inventory tomorrow.
Evening View
Commodity
Intraday View
MCX Gold looks to continues its consolidative range of Rs27350 - 27700, breach on either
side could give further direction. Sustained break below support will confirm weakness and
target towards Rs27260 - 27130 levels. Major resistance is at Rs27810 and only break above
the same will only confirm short term positive move. Selling on break of Rs27350 is
advisable for intraday trading.
Spot gold faces strong resistance at $1330/1335 and close above the same will only
confirm positive move. Strong intraday supports are placed at $1310/1306 level. Only
move below $1306 would be the first reversal sign. Sustained breach on either side of
$1306 - 1330 will give clear direction
NCDEX Gold Hedge (July Contract) has immediate support at Rs25240 followed by strong
support at Rs25100 level. Strong resistances on the upside are at Rs25510/25710 levels.
Even though the medium-term outlook still remains bullish, range bound to negative
movement is expected for the day.
MCX Silver (Sept. contract) faces strong resistance at Rs45100 - 45300 level and breach
above the same could target next resistance near Rs46000 - 46300 level. Immediate
support remains at Rs44650 and break below could extend downside towards Rs44450 -
44150. Selling on sustained break below Rs44650 is advisable for intraday.
Spot silver has strong resistance at $21.15-$21.25 level and is trading close to $20.90 at
present. Immediate strong support is at $20.75 break below the same could extend
downside towards $20.60 -20.45 level.
MCX Gold
Gold $ (SPOT)
Gold HEDGE (NCDEX)
MCX Silver
Silver $ (SPOT)

MCX Copper
MCX Nickel
MCX Crude
MCX Natural Gas
LEAD
ZINC
Aluminium
Immediate support for Copper is at Rs431.50 whereas critical support is at Rs429.5 below
which intraday bias could turn negative. Immediate resistance is at Rs437 and sustained
breach above could target Rs438 - 439.7 - 441 levels. Buying on dip is advisable, but our
view could negate if it breaks Rs429.50.
Key resistance for MCX Nickel remains at Rs1175 and bias looks sideways to down as long
as holds below the same. Support remains at Rs1150 and sustained break below could
target Rs1139 - 1128 levels. Selling is advisable, but our view could negate if it breaks
above Rs1175
Short term bias for MCX Crude Oil remains weak as long as Rs6335 is held as resistance on
the upside. Immediate resistance is at Rs6275 whereas support is at Rs6190. Sustained break
below 6190 could extend downside towards Rs6165 - 6130 levels. Sell on sustained break
below Rs6190 is advisable for intraday
Natural gas traded with negative bias in the previous session and close below our
recommended support of Rs258 is signifying sideways to down move. Intraday support are
placed at Rs251 - 250 whereas immediate resistance is at Rs255.50. Sell on rise should be
the strategy for the day
Initially some pullbacks could be seen, but short term bias remains weak as long as
Rs132.10 is held on upside which can act as a key resistance. Immediate support is at Rs129
and break below could extend downside towards Rs128.40 - 128 levels.
Zinc breached above our recommended resistance of Rs134.50 and close above the same is
indicating sideways to up move. Now Rs134.5 will act as immediate support followed by
Rs133.70. Resistance is at Rs135.80 - 136.95
Intraday bias looks sideways to down as long as Rs115.10 is held on upside. Immediate
support is at Rs113.50 and break below the same could target Rs112.60-111.70. Selling is
advisable, but our view could negate if it break above Rs115.10
Disclaimer