MCX NCDEX TREND TODAY 22 Dec:-(MCX), COMDEX opened on a negative terrain after a rise of 0.62% on Wednesday.Precious metals edged higher to a one-week high on Wednesday, extending gains from the previous session.
MCX TIPS TODAY:-
1-sell silver at Rs 53,350 with stop loss above Rs 53,850 and target of Rs 52,600-52,500.
2-crude at Rs 5,205-5,210 with a target of Rs 5,255-5,285 and stop loss of Rs 5,170.
3- gold February at Rs 27,900 with a stop loss of 28,040 and target of Rs 27,670-27,550 for the day.
4-Buy crude oil at Rs 5,050 with stop loss of Rs 4,980 and target of Rs 5,130.
Copper: MCX Copper may note some gains tracking range bound movement in international exchanges and weakness in rupee, however the bias remains negative.
Aluminum: MCX Aluminum may note some gains tracking copper prices, however the bias remains negative. Putting pressure on prices is recent gain in stocks at LME and SHFEwarehouses.
Zinc: MCX Zinc may note some gains tracking international exchange. The gains may however be capped amid recent gain in stocks at LME and SHFE warehouses. Stocks at LME rose by 2,225 tons yesterday after rising by 1,550 tons last week while those at SHFE rose by 268 tons.
Nickel: MCX Nickel may note some decline tracking international exchange however the weakness in rupee may cap the downside.
Steel: NCDEX Steel may trade sideways with a positive bias amid mixed global cues and tightness in physical markets. Support for NCDEX Steel January contract is seen at Rs.32500 while resistance is seen at Rs.33,100.
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