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Published on 19-04-2024 01:51 pm

Sumeet Bagadia’s Desk : Exit @ 83272...Buy in Commodity SILVERM|30APR24 @ 83249 SL 82814 TGT 84090

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Published on 19-04-2024 12:31 pm

Crude oil

Crude oil prices remained volatile and closed on a flat note in the last session around 6933 level. On Friday morning NYMEX Crude oil is up by more than 4 percent due to Geopolitical tension in Middle East. In MCX prices will open on a positive note. It is heading towards the immediate resistance zone of $85 level. Breakout above the mentioned level may push prices higher $88 level in few session.

BUY CRUDE OIL AROUND 7100 SL 7060 TGT 7160/7220

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Published on 19-04-2024 12:30 pm

Gold

Gold prices traded volatile in the last session and closed in red due to geopolitical tension. On Friday morning there are reports that Israel conducted Air strikes near the nuclear facility on Iran which increased war like scenerio in Middle East. Gold prices are up by more than 1 percent becasue of it. In the Spot prices is trading above $2410 level. As long as $2400 level is intact on the downside. Buy on dips is recommended for Gold

BUY GOLD AROUND 73000 SL 72800 TGT 73300

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Published on 19-04-2024 12:28 pm

Trading Ideas:
* Jeera trading range for the day is 21630-22610.
* Jeera gains as global buyers preferred Indian jeera with tightening global supplies.
* There will be a huge increase in cumin exports, which will reach about 14-15 thousand tonnes in February 2024.
* New arrivals have started in Gujarat since last 20-25 days and new arrivals have started in Rajasthan also since last 15 days.
* In Unjha, a major spot market, the price ended at 23159.6 Rupees dropped by -0.31 percent.

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Published on 19-04-2024 12:27 pm

Jeera

Jeera prices surged by 1.62% yesterday, closing at 22255, driven by global buyers' preference for Indian jeera amidst tightening global supplies. However, the upside potential was limited due to concerns regarding further pressure from increasing arrivals in the market, with 10000 to 12000 bags of jeera arriving daily in Rajkot Mandi. New arrivals in Gujarat and Rajasthan have contributed to the supply influx, surpassing current demand levels. The surge in production, fueled by increased sowing areas and favorable weather conditions, has significantly boosted cumin production in major producing regions of India. Gujarat is estimated to witness a record production of 4.08 lakh tonnes, while Rajasthan's production has also increased by 53%. This substantial increase in production is expected to lead to a surge in cumin exports, with analysts estimating exports to reach about 14-15 thousand tonnes in February 2024. Despite the optimistic outlook for exports, data reveals a decline in jeera exports during Apr-Jan 2024, dropping by 25.33% compared to the previous year. However, there was a slight increase in exports in January 2024 compared to December 2023, indicating some improvement. Technically, the jeera market witnessed short covering, with a 1.27% drop in open interest, settling at 2790, alongside a significant price increase of 355 rupees. Key support levels are identified at 21940, with potential downside testing at 21630, while resistance is anticipated at 22430, with a potential breakout leading to a test of 22610. Traders should closely monitor these levels amidst evolving supply dynamics and export trends for potential trading opportunities.

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