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Published on 10/05/2019 11:08:26 AM | Source: Hem Securities Ltd

Commodity Technical Outlook 10th May 2019 - Hem Sec

Posted in Commodities Reports| #Commodity Tips #Hem Securities Ltd

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GOLD MCX Future June CMP: Rs. 31918 (0.02%)

With the US hiking the tariff on Chinese goods and China promising to retaliate, the demand for safe haven is likely to increase once again. Though it was not able to sustain the penetration above resistance levels but it is again looking to break the levels. Investors are advised to go long but maintain a strict stop loss due to market volatility. Support can be seen at Rs. 31850 & 31800 whereas resistance at Rs. 32000 & 32100.

 

ZINC MCX Future May CMP: Rs. 215 (0.05%)

Technically, after correcting to the support levels, the commodity saw some reversal. Though it is still not clear whether to consider it a reversal or just some profit booking. Investors are advised to cautiously trade at the current levels. Support can be seen at Rs. 213.80 & 211 whereas resistance at Rs. 217 & 219.

 

Recommendations

Buy Chana @4450-4470 Stop Loss 4380 Target 4550-4650

Sell RM Seed Below 3848 Stop Loss 3870 Target 3830-3800

 

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