Mcx daily report

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Daily MCX News letter

12th May 2015

DAILY MCX News letter




PRECIOUS METALS:

Silver jul contract consolidating in a range, made day high at 38137 and closed at

Rs. 37668. According to media reports, HSBC has reduced its silver price forecast

for 2015 and 2016. The bank said that it now expects silver prices to average

$17.05 an ounce in 2015 and $18.25 an ounce for 2016, down from their previous

forecast of $17.65 and $20.50, respectively. At the same time, the bank left its

2017 and long-term forecast unchanged at $12 and $24, respectively. For today’s

trading session follow the strategy buy on dips.

ENERGY

MCX Crude oil may contract is now in bullish trend. For today’s trading session

we are expecting price may go higher side follow the strategy buys on dips. Crude

oil closed at Rs.3788 and made day high at 3763.

BASE METALS

MCX Copper June contract is traded in a range from last week. The range of

copper is in between 410-420. Nearest resistance level at 423.50. Interest rates by

the Chinese policymakers have been slashed soon after it has been realized that it

was necessary to support the ailing economy. The benchmark one-year lending

rate by 25 basis points to 5.10% and the benchmark one-year deposit rate by the

same amount to 2.25%. Copper that shows tremendous response to the

economic news was seen trading minorly lower. Copper trend is bullish; the prices

tested a high of Rs 415.95 per kg and a low of Rs 412 per kg. Copper ended the

day at Rs 413.95 per kg. For today follow the strategy buy on dips.

MARKET WRAP




PIVOT POINT

GOLD

SUPPORT1: 26640

SUPPORT2: 26400

RESISTANCE1: 27010

RESISTANCE2: 27240

SILVER

SUPPORT1: 37050

SUPPORT2: 36400

RESISTANCE1: 38200 RESISTANCE2: 38850

CRUDE OIL

SUPPORT1: 3740

SUPPORT2:3695

RESISTANCE1: 3845

RESISTANCE2: 3895

COPPER SUPPORT1: 409

SUPPORT2: 406

RESISTANCE1: 417

RESISTANCE2: 421




CALL: BUY GOLD JUN ABOVE 26960 TARGETS 27060, 27160 STOPLOSS

26760.

PICK OF THE DAY




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