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COMMODITY TECHNICAL OUTLOOK

MCX Gold is likely to trade with positive bias during today’s trading session. Support is at Rs.47200 levels whereas resistance is at Rs.47700- 48000 levels. Buying is advised above Rs.47700 levels for the target prices of Rs.48000 – 48200 levels

MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.64500 levels whereas resistance is at Rs.65700- 66200 levels. Buying is advised above Rs.65700 levels for the target prices of Rs.66200 – 66500 levels

MCX Crude likely to trade sideways to negative bias during today’s trading session. Support is at Rs. 5000 levels whereas resistance is at Rs.5120 – 5170 levels. Selling below 5050 is advised targeting Rs.5000 – 4960 levels

MCX Copper is likely to trade with positive bias during today’s trading session. Support is at Rs. 710 levels whereas resistance is at Rs.718 - 724 levels. Buying above718 is advised targeting Rs.724– 728 levels

CHART OF THE DAY

MCX- NICKEL (DAILY CHART)

Strategy: Intraday

NICKEL prices traded with positive bias during the last trading session

It was closed above the downward sloping trend line in intraday trading session

For Intraday session we expect NICKEL prices to extend upside if price sustains above 1480 levels for target of 1498 whereas 1470 and 1458 will act as an immediate resistance levels

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