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Intraday Technical Outlook 23 March 2021 - Geojit Financial
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Gold Mini Apr/ LBMA Spot Gold
Weakness likely to extend as long as prices stay below the support of $1760. Meanwhile, major liquidation pressure is seen only if it breaks below $1660. A direct rise above $1760 may see recovery upticks and it may take prices towards $1820 or more. MCX GoldM Apr Res: 46200 Support: 44680.
Silver Mini Apr/ LBMA Spot Silver
While prices stay below $26.50 expect corrective selloffs to continue in the counter. However, a direct drop below $25 is a sign of extension of the momentum. MCX Silver Apr: Res at Rs 68140. Sup: 65300.
Copper Mar
If the support of 665 remains hold, expect recovery rallies for the day. Meanwhile, a direct break of 658 is a sign of major selling pressure.
Nickel Mar
Support of 1140 needs to be cleared for continuation of selling pressure. Else, there are chances of recovery upticks for the day.
Lead Mar
If the support of 157 remains hold the downside, there are chances of recovery upticks for the day. Prices enter into bearish zone once it closes below 156.
Zinc Mar
Recovery upticks may continue if 217 continue to hold the downside. A direct break below 215 weakness will continue in near term.
Aluminium Mar
While prices stay above 176 buying momentum may continue the day. Else, there are chance of corrective selling pressure.
MCX Crude Oil Mar/NYMEX Crude Apr
Corrective selloffs are likely if prices are unable to break $62. Anyhow, immediate and stiff support is placed at $58. A direct drop below the same would extend further liquidation pressure. An unexpected rise above $64 is a bullish signal. MCX Mar: Res at Rs 4620 / Support: Rs 4372.
Natural Gas Mar
Recovery upticks are likely as prices hold the support of 180. Further weakness is seen only a break of 178.
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