commodity outlook for 5 Jan 2015
Mcx gold future last closed at 26724 with gain. In intraday gold hit high at 26855 while low was at 26351. Total 500-rupee intraday range and closed with gain. Here 26500 is strong support and 26800 is strong resistance. Above 26500, keep buy on dips view.
Mcx silver future last closed at 36299 with gain. In intraday mcx, silver future made high at 36820 while low was at 35698. Total 1200-rupee intraday range and closed with gain. For intraday, silver will have 35,800 as support and 37200 as resistance. Stay long with stop loss of 35800.
Mcx aluminium future is last closed at 115.7 with loss. In intraday aluminium future hit high around 115.4 while low was below 117.4. For intraday, aluminium future will have support around 115 and resistance at 117. Keep buy on dips here with strict stop loss in place.
Mcx copper future last closed at 398.2 with loss. In intraday copper future made high at 402 while low was at 395. Total 7-rupee range and closed with loss. For the day 402 is strong resistance and on downside, 395 is support zones. Follow buy and accumulate strategy with strict stop loss below 394.
Mcx lead future last closed at 118.7 with gain. In intraday mcx, lead future made high around 119.4 while low was near 116.85. Total 2.5-rupee range and closed with gain. For intraday, mcx lead future has support around 117 and resistance at 120. Stay long with stop loss below 117.
Mcx nickel future last closed at 947 with loss. Nickel future in intraday-recorded high around 969 while low was around 941. Total 30-rupee intraday range and closed with loss. Here 940 is strong support and above it keeps long view for short terms.
Mcx zinc future last closed at 139.15 with gain. In intraday zinc, future made high around 140 while low was near 137. Total almost 3-rupee range and closed with gain. Mcx zinc future will have intraday support at 138 and strong resistances at 141. Stay long with stop loss below 138.
Mcx crude oil future last closed at 3394 with loss. In intraday crude future made high around 3438 while low was at 3343. Total 100-rupee intraday range was seen and closed with loss. Mcx crude future has intraday support at 3340 and strong resistance at 3450. Expect bounce back up to resistance.
Mcx natural gas future last closed at 194.9 with gain. In intraday ng future hit high around 195 while low was around 182. Total 13-rupee intraday range was seen and closed with gain. For medium to long-term view keep buy and accumulate view for target 228.