Bullion Commodity Updates & Tips:
Gold futures were marginally higher on domestic exchanges, in line with the trend on the COMEX. However, a strong rupee against the dollar capped the upside in local prices. A weak dollar against the euro weighed on the COMEX gold futures.MCX Gold December Contract is looking positive for the day. Market may find support near 31080 & 30980; intraday resistance can be seen near 31180 & 31290. Day traders are advised to buy intraday on dips. (Buy Gold around 31080 with SL 30980, for the target of 31180 & 31290.)
MCX Silver December Contract is looking positive for the day. Market may find support near 59600 & 59100; intraday resistance can be seen near 60100 & 60600. Day traders are advised to buy intraday on dips. (Buy Silver around 59600 with SL 59100, for the target of 60100 & 60600.)
Energy Commodity Updates & Tips:
Domestic crude oil futures traded higher tracking a similar movement in benchmark contracts on the New York Mercantile Exchange, where prices gained on bargain hunting and weak US dollar against the euro. NYMEX oil futures had declined earlier on concerns over a fall in crude oil demand following shutdown of refineries on the US East Coast after Hurricane Sandy hit the region.MCX Natural Gas November contract is looking slightly positive for the day. Market may find support near 199 & 196 intraday resistance can be seen near 204 & 207. Day traders are advised to buy intraday on dips. (Buy Nat Gas around 199 with SL 196 for the target of 204 & 207.)
MCX Crude oil November contract is loo king slightly positive for the day. Market may find support near 4640 & 4590; intraday resistance can be seen near 4690 & 4740. Day traders are advised to buy intraday on dips. (Buy crude oil around 4640 with SL 4590, for the target of 4690 & 4740.)
Base Metals Commodity Updates & Tips:
Base metal futures on the MCX traded higher tracking the rise in benchmark contracts on the London Metal Exchange, where weak dollar against the euro and bargain hunting pushed up prices. Decline in stocks of base metals at LME-monitored warehouses also boosted sentiment for futures.MCX Copper November contract is looking slightly negative for the day. Market may find support near 418 & 415; intraday resistance can be seen near 422 & 425. Day traders are advised to sell intraday on rise. (Sell copper around 422 with SL 425, for the target of 418 & 415.)
MCX Nickel November contract is looking slightly negative for the day. Market may find support near 875, 865, intraday resistance can be seen near 884 & 894. Day traders are advised to sell intraday on rise. (Sell Nickel around 884 with SL 894, for the target of 875 & 865.)
