mcx commodity outlook for 26 November 2013
Bullion commodity technical report
Mcx gold future last closed at 30150 with gains of 302 rupees. In intraday mcx gold future made high at 30180 while low was at 29615.total 750-rupee intraday range and closed with gains as short covering triggers. Here keep buy on dips view and expect target upto 30800.
Mcx silver future last closed at 44495 with loss of 52 rupees. In intraday mcx silver future made high at 44670 while low was at 43925.total 700-rupee intraday range and closed with loss. Here also expect sharp short covering and levels upto 45k.
Metal commodity technical report
Mcx aluminum future last closed at 108.15 with loss of 1.05 rupee. In intraday mcx aluminum future made high at 110 while low was at 107.85.total 2-rupee intraday range and closed with loss. Here watch 108 as strong support.
Mcx copper future last closed at 444.05 flat. In intraday mcx copper future made high at 444.2 while low was at 441.total 3-rupee intraday range and closed flat. Here above 440 keep buy on dips view.
Mcx lead future last closed at 129.3 with loss of 1.65 rupees. In intraday mcx lead future made high at 130.9 while low was at 129.2.total 1.5 rupees intraday range and closed with loss. For today, watch 128 as strong support level for mcx lead.
Mcx nickel future last closed at 840.9 with loss of 3.8 rupees. In intraday mcx nickel future made high at 845.3 while low was at 835.9.total 10-rupee intraday range, closed just above 840.for nickel future 840 is strong support, and above it keep bullish view.
Mcx zinc future last closed at 117.25 with loss of 70 paisa. In intraday mcx zinc future made high at 117.65 while low was at 116.85.Total 1-rupee intraday range and closed with loss. For zinc future 115 is strong support and above it keep buy on dips trading strategy.
Energy commodity technical report
Mcx crude oil future last closed at 5885 with loss of 107-rupees. In intraday mcx crude oil future made high at 5974 while low was at 5849.total 125-rupee intraday range and closed with loss. Crude trading in oversold zone so expect a technical short covering rally in intraday.
Mcx natural gas future last closed at 240.4 with loss of 30 paisa. In intraday mcx natural gas future made high at 245 while low was at 238.8.total 6-rupee intraday range and closed with loss. Here above 236 keep long view for upside targets 246-252.