Commodity outlook: Crude oil likely to trade in Rs 5,230-5,325 range on MCX
Oil shot to highest in 4 years, catapulted by upcoming US sanctions on Iranian crude exports.
Base metals traded lower with copper prices lossing more ground with the market dropping 1.5 per cent.
Oil prices shot to its highest in four years, catapulted by upcoming US sanctions on Iranian crude exports.
Here’s a lowdown on the outlook of different commodities by brokerage Motilal Oswal Securities:
MCX Gold: MCX Gold has immediate support at Rs.30670 - 30600 whereas resistance is at Rs.30900 - 31050 area. Bias looks positive for the session as long as price holds above support.
Gold (SPOT): Support for Spot Gold remains at $1190 whereas resistance is at $1205 - 1210 area.
MCX Silver: MCX Silver has strong supports at Rs.37570 - 37450 whereas resistance is at Rs.37970 - 38050 levels. Bias looks positive for the metal and initial dip towards Rs.37650 - 37600 zone will be a good buying opportunity.
Silver (SPOT): Spot Silver looks positive as long as $14 is held as strong support. Short-term resistance is at Rs.14.55 - 14.80 area.
MCX Copper: Intraday profit booking looks possible in MCX Copper as long as Rs.459 - 462.50 is capped as resistance. However, downside too will be limited around Rs.452 - 450.50 zone which will act as strong support.
MCX Nickel: MCX Nickel has strong short-term support at Rs.915 - 910 whereas resistance is at Rs.955. Bias looks positive as long as price holds above support. Price break above resistance will lead the move towards Rs.970.
MCX Crude Oil: MCX Crude Oil looks to trade in a range of Rs.5230 - 5325. Price sustained break on either side of the given range will give further trend direction.
MCX Natural Gas: Bias for MCX Natural Gas remains positive and is likely to target Rs.225 - 227 area. Support is at Rs.218 - 215.50. Initial dip towards Rs.219 - 218 zone will be a good buying opportunity.
MCX Lead: MCX Lead looks to consolidate in the range of Rs.144.70 - 147.50. Price break on either side will give further trend confirmation.
MCX Zinc: MCX Zinc looks positive as long as Rs.182 is held as support. Resistance is at Rs.185 - 185.50 levels. Intraday buying is advised.
MCX Aluminium: MCX Aluminum looks supportive as long as Rs.145.70 is held as immediate support. Resistance is at Rs.148.70 - 149.60. Dip buying is advised.