mcx commodity premarket view for 3/12/2014

mcx commodity premarket view for 3/12/2014

Mcx gold future last closed at 26170 with loss of over 1%. Intraday swing of 400 rupee seen yesterday and closed with loss as dollar index shot up once again. Here 25,800 is strong support on downside and expect reversal from that level.

Mcx silver future last closed at 36233 with loss of 490 rupees. Yesterday silver future made high at 36587 while low was at 35600. Total 1000-rupee intraday range and closed with loss on profit booking. Above 35,500, keep buy on dips view for short terms.

Mcx aluminium future closed at 122.25 with loss. Profit booking in base metals pack is started and expect major supports to be tested ahead. Here below 125 keep bearish view for short terms.

Mcx copper future last closed at 401 with loss. In intraday copper future hit high at 402 while low was at 396. Here below 410 keep bearish view for short terms.

Mcx lead future last closed at 126 with loss. In intraday 3 rupee, swing was seen and closed with loss. Here stay short with stop loss 128.5 with short-term view.

Mcx nickel future last closed at 1009 with loss. In intraday nickel, future hit high at 1019 while low was at 1000. Total 20 points intraday range and closed with loss. Here below 1040 expect continues supply from market.

Mcx zinc future last closed at 136.9 with loss. Here almost 3-rupee intraday ranges seen and closed with loss on strong profit booking. Here stay short with stop loss 138.5.

Mcx crude oil future last closed at 4213 with loss of 58 rupees. In intraday high was at 4318 while low was at 4154. Total 170-rupee range and closed with loss on fresh weakness. Here expect record lows in upcoming weeks.

Mcx natural gas future last closed at 240 with loss. Intraday high was at 251 while low was at 240. Total 11-rupee range and closed with loss. Here short term trend now set bearish so expect previous lows as targets on downside.

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Pramod Baviskar

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