Monday, 29 October 2012

Commodity Trend And Tips For Today 29 October

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MCX Bullion Commodity Trend Today :- Bullion commodity is expecting to trade with upward bias on the back of mixed global market sentiments amidst speculation that Bank of Japan might announce stimulus measures in tomorrow’s meeting. However, marginal strength in the DX will cap sharp gains in the gold prices. In the domestic market depreciation in the Indian rupee is expected to support an upside in the precious metals on MCX. Gold prices are expected to bounce till 31200 -31300 whereby it is expected to witness some profit taking. Prices are expected to trade within a range from 30900 to 31300.Silver prices are expected to bounce till 60200 - 60300 one can buy around 59450 with a stop loss below 59000. Prices are expected to trade within a broad range from 60300 to 59000. Fresh buying is expected above 60300 on closing basis. 

Copper Updates Today :- Copper prices are holding the support at 424 – 423 on closing basis, we expect the metal to bounce till 430 -432. One can buy with a stop loss below 420.Copper Nov Support - 419 422 424 Resistance - 426 428.5 431. 

MCX Lead Trend :- Lead prices as expected to bounce above 110 till 112 -112.50, for intraday one can buy above 110 with a stop loss below 108.80.Lead Oct Support - 107.60 108.80 109.50 Resistance - 110 110.80 111.70. 

NCDEX Maize Updates :- NCDEX Maize Nov '12,Futures price made minor upside movement of 14 rupees to close at Rs 1295 levels.Resistance is seen at Rs 1307 levels breach of this level then it can test Rs 1319 levels. Support is witnessed at Rs 1280 violation of this could correct to next support of Rs 1265 levels. 

NCDEX Tips :- Maize Nov’12 Buy above 1289 for target of 1319 1344 with stop loss of 1262. 

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