WEEKLY PREMIUM REPORT FOR MCX 24/04/2017 TO 28/04/2017
CONTENTS MCX WEEKLY LATEST UPDATE WEEKLY MARKET WRAPUP TECHNICAL LEVEL TECHNICAL CHARTS & RESEARCHER VIEWS NCDEX WEEKLY LATEST UPDATE FOREX WEEKLY LATEST UPDATE DISCLAIMER www.researchbhaskar.com
MCX WEEKLY LATEST UPDATE Gold futures ended higher on Thursday as traders digested a new tax plan from the White House. Though, some gains were capped as the dollar strengthened against a basket of major currencies after US business investment accelerated in the first quarter and the euro hit session lows after Draghi said policymakers did not discuss removing the bank's easing bias on monetary policy at Thursday's meeting
Crude oil futures despite coming off their day s low ended lower on Thursday. There was jitter among traders, pressured by an increase in global production after two of Libya s key oilfields resumed output. Libya s Sharara and El Feel oilfields, which combined produced 390,000 barrels per day, have restarted after protests that had blocked pipelines came to an end. Further, the slump in oil prices came amid renewed hopes that the Organization of the Petroleum Exporting Countries would agree to extend the supplycut agreement.
WEEKLY MARKET WRAPUP MCX OPEN HIGH LOW CLOSE GOLD 29250 29250 28660 28873 SILVER 41651 41710 39966 40063 CRUDEOIL 3230 3247 3104 3174 ZINC 167.30 170.25 165.70 169.05 LEAD 138.90 145.70 138.25 145.10 ALUMINIUM 125.20 126.25 122.65 123.20 NICKEL 610.20 619.90 593.30 610.40 COPPER 368.45 374.05 365.30 372.75 www.researchbhaskar.com
GOLD CHART & RESEARCHER VIEW R2 R1 PIVOT POINT S1 S2 29517 29195 28927 28605 28337
GOLD TRADING STRATEGY Support at 28650 and Resistance at 28850 Close above 28850 will take it to 29000---29080 and then to 29250 mark else could touch its support level of 28650 again. Fresh selling can be initiated below 28650.
CRUDEOIL CHART & RESEARCHER VIEW R(2) R(1) PIVOT POINT S(1) S(2) 3318 3246 3175 3103 3032
CRUDEOIL TRADING STRATEGY Support at 3150 and Resistance at 3210 Break and sustain below 3150 will take it to 3100 3080 and then to 3050 mark else could touch its resistance level of 3210 mark. Fresh buying can be initiated above 3210 mark.
ZINC CHART & RESEARCHER VIEW R(2) R(1) PIVOT POINT S(1) S(2) 172.80 170.90 168.30 166.40 163.70
ZINC TRADING STRATEGY Hurdle at 171. Break and sustain above 171 will take it to 173.50---174.00 and then to 176.50+++ mark in days to come else could touch its support level of 168---165.50 again. Fresh selling can be initiated below 165.50
NCDEX WEEKLY LATEST UPDATE Turmeric prices traded moderately lower in the spot as well on the futures market are making fresh yearly lows on expectations of a bumper harvest this season. The supply side fundamentals climax that total output in country is expected to be around 7.5 million bags in 2016-17, as compared to 6.8 million bags in 2015-16. If we added the carryover stocks of 3 million bags, the total supply may rise to 10.5 million bags. The domestic consumption is around 6-6.2 million bags & this will leave extra of 3 million bags for the next season even after exports.
Soybean traded in a narrow range with lower bias on NCDEX. At the spot markets the supplies are reducing day by day as the farmers are not keen to sell at current levels & are in mood to hold their produce till they get better price. On the other hand, crushers are increasing the buying soybean on daily basis as they have to fulfill the current monthly capacity.
DHANIYA CHART & RESEARCHER VIEW R(2) R(1) PIVOT POINT S(1) S(2) 7083 6836 6713 6466 6343
DHANIYA TRADING STRATEGY support at 6500 and Resistance is 6800 Looks weak; break and close below 6500 will see sharp downside move till 6350---6200 mark in days to come else it could touch its resistance level of 6800 again. Fresh buying can be seen only above 6800 Trade in a range with levels only
SOYABEAN CHART & RESEARCHER VIEW R(2) R(1) PIVOT POINT S(1) S(2) 3122 3024 2971 2873 2820
SOYABEAN TRADING STRATEGY Support at 2900 and Resistance at 2980 If unable to breach its support level of 2900 the we can expect upside move till 2980. Weekly close above 2980 will take it to 3040---3070. Fresh sell can be initiate only below 2900.
TURMERIC CHART & RESEARCHER VIEW R(2) R(1) PIVOT POINT S(1) S(2) 6353 6204 6123 5974 5893
TURMERIC TRADING STRATEGY Crucial Support is 6050 and Resistance is 6300 Weekly close below 6050; fresh round of selling can be seen towards 5840 ---5720 mark else could touch its resistance level of 6300 again Fresh buying only can be seen above 6300
FOREX WEEKLY LATEST UPDATE Snapping three-day winning streak, Indian rupee ended marginally lower against dollar on Thursday, due to fresh demand for the American currency from banks and importers. Sentiments remained dampened after Finance Minister Arun Jaitley expressed concern over the worrying signs of economic protectionism and has said the continued unpredictability in ties between major powers has brought new uncertainties to the fore. Besides, weak trade in the domestic equity market also kept pressure on the local currency. On the global front, dollar pushed higher against yen on Thursday after the Trump administration outlined its tax plan and traders awaited the European Central Bank's monetary policy decision later in the day.
Finally, the rupee ended at 64.15, 4 paise weaker from its previous close of 64.11 on Wednesday. The currency touched a high and low of 64.17 and 63.97 respectively. The Reserve Bank of India s (RBI) reference rate for the dollar stood at 64.11 and for Euro stood at 69.89 on April 27, 2017. While the RBI s reference rate for the Yen stood at 57.60, the reference rate for the Great Britain Pound (GBP) stood at 82.58. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
USD-INR TRADING STRATEGY Hurdle at 64.45, close above 64.45 will take it to 64.60 64.75 and then to 65.00 again, else could touch its support level of 64.00 again. Fresh selling can be initiated below 64.00
DISCLAIMER The information contained here was gathered from sources deemed reliable however; no claim is made as to accuracy or content. This does not contain specific recommendations to buy or sell at particular prices or time, nor should any examples presented be deemed as such. There is a risk of loss in commodity trading and you should carefully consider your financial position before making a trade. This is not, nor is it intended, to be a complete study of chart patterns or technical analysis and should not be deemed as such. RESEARCH BHASKAR does not guarantee that such information is accurate or complete and it should not be relied upon as such. Any opinions expressed reflect judgments at this date and are subject to change without notice. For use at the sole discretion of the investor without any liability on RESEARCH BHASKAR Advisors.
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