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Published on 06-08-2026 11:43 am

Energy Outlook

• NYMEX crude oil expected to face resistance near $78 level and dip towards $74 on growing optimism that US and Iran are nearing a deal to reopen the Strait of Hormuz. Further, Iran said an agreement with Oman has been reached on a proposed route for shipping through the Strait of Hormuz, a potential step toward a reopening of the critical waterway for energy supplies. Additionally, U.S crude oil weekly inventory rose by 2.5 million barrels contrary to market expectations for a moderate withdrawal.

• MCX Crude oil August is expected to face resistance near Rs 7400 and dip towards Rs 6900 level.

• MCX Natural gas August is expected to find support near Rs251 level and rise towards Rs 263- Rs 264 level.

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Published on 06-08-2026 11:42 am

Base Metal Outlook

• Copper prices are expected to trade higher on weak dollar and tightening global supplies. Further, traders continued to ramp up shipments to US while drawing down inventories elsewhere ahead of an expected decision by the Trump administration on copper import tariffs. Additionally, copper inventories across the London Metal Exchange’s warehousing network fell to a five-month low, with traders pointing to increased shipments to China to ease a domestic supply shortage. Moreover, falling global stocks in LME and SHFE would also support price.

• MCX Copper August is expected to rise towards Rs 1385 level as long as it trades above Rs 1360 level. Only a break above Rs 1385 level, it will rise towards Rs 1395 level.

• MCX Aluminum August is expected to find support near Rs 340 level and rise towards Rs 352 amid supply concerns. MCX Zinc August is likely to hold support near Rs 384 level and rise towards Rs 396- Rs 398 level.

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Published on 06-08-2026 11:42 am

Metal’s Outlook

Bullion Outlook

• Spot Gold is expected to hold above $4200 level and rise towards $4350 levels on weak dollar and softening of U.S treasury yields. Further, prices will find support on easing geopolitical concerns as U.S. President Donald Trump's remarks on constructive talks with Iran raised hopes for an end to the five-month conflict. Additionally, investors are pricing in about a 54% chance of a rate hike compared to yesterday’s 57% for the month of September. Meanwhile, investors will continue to assess U.S labor market data for further clarity about FED’s policy trajectory .

• MCX Gold October is expected to rise towards Rs151,500, as long as it holds above Rs146,400 level.

• MCX Silver September is expected to rise towards Rs 230,000 as long as it hold above Rs 224,000 level. Only a move above Rs 230,000, it would turn positive and rise towards Rs 234,000 level

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Published on 06-08-2026 10:31 am

Intraday Rational :

• Trend - Supportive efforts emerged from the lower band of the contracting triangle

• Levels Buy around 80% retracement of last 2 days range.

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Published on 06-08-2026 10:30 am

Te chnical Outlook :

• Index started the day on flat note thereafter faced resistance around previous session high and remained southward throughout the day and closed on marginally negative note. As a result, the daily price action has resulted into inside bar, indicating extended breather. Index found supportive efforts from 20-day EMA around 57400.

• Going ahead we expect, index to resolve out of one month consolidation range where upper band is placed at 58500 and open the door for next leg of up move towards 60000. The key support zone of 57000 is a placement of the 50- day EMA coinciding with 50% retracement of recent rally (56024-58248) and four months rising trend line

• Another observation is that over last 5 weeks Index has retraced by 38.2% of earlier 3 weeks rally, indicating slower pace of retracement which would help to set stage for next leg of rally.

• The PSU Bank Index relatively outperformed for the day forming higher high higher, indicating support at short term moving average. Going ahead follow through strength above last week week(8423) high would set the stage towards 8700 levels

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