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Today precious metals to trade lower on the back of rise in risk aversion in the global markets along with strength in the DX in today’s session.
MCX nickel Trend Today :- Nickel slumped to 5-week's low breaching the major support level of Rs. 912 per kg and stood near to the another major support level of Rs. 897 per kg. Nickel plunged by 1.8% or Rs. 16.3 at Rs. 901 per kg on Wednesday, 11 July and tested an intraday high of Rs.917 per kg and low of Rs. 899.2 per kg. Huge short selling with 35% rise in its open interest to 36542 lots hampered the metal. The contract traded below 9-day EMA and was found to be in oversold region with its RSI at 23.49. Nickel is likely to find support at Rs. 897 per kg and Rs. 885 per kg and resistance at Rs. 908 per kg and Rs. 918 per kg.
Copper Tips Today :- Copper is expected to trade on sidelines during the morning session on Wednesday, 11 July as the concerns on the growth of the global economy weighs on the sentiment. Copper is likely to find support at Rs. 418 per kg and Rs. 414.3 per kg and resistance at Rs. 423 per kg and Rs. 426.6 per kg.
Ncdex jeera tips Today :- NCDEX Jeera August ended the last day up by Rs. 100 per quintal at Rs. 15,465 after moving in the range of Rs. 15,595-15,230 per quintal. The total arrivals decreased to 14,000 bags on Tuesday from 15,000 bag and strong demand reported for the commodity. Jeera spot prices zoomed by Rs. 500 per quintal to Rs. 13,000-14,000 per quintal in today's trading sessions. Technically, the August Jeera is likely to find resistance at Rs. 15,600, Rs. 15,700 and support is at Rs. 15,230, Rs. 15050 per quintal.
MCX Tips For Today :- Gold Sell Around 29500, stoploss of 29575, and target of 29425 / 29350.
Mcx Silver Sell Below 52950, Stop loss of 53350, and target of 52450 / 52200.
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