Bargain hunting helps Aluminium to buoy at MCX: Dani Comm

Dani Commodities has come out with its report on MCX Aluminium, Gold, Silver, Copper, Lead, Zinc, Nickel, Crude Oil and Natural Gas. According to the research firm, Aluminium is likely to find support at Rs 104.1 per kg and Rs 103.6 per kg and resistance at Rs 105.2 per kg and Rs 105.5 per kg.

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Aluminium buoyed by 0.5% or Rs 0. 5 at Rs 104.7 per kg on Wednesday, 18 July and tested an intraday high at Rs 105 per kg and low at Rs 104.1 per kg. Aluminium was in downtrend since June 2012 and ended tad higher on Wednesday bolstered by some bargain hunting with 12% dip in its open interest to 9809 lots. The contract traded below 9-day EMA and RSI stood at 42.07. Aluminium is likely to find support at Rs 104.1 per kg and Rs 103.6 per kg and resistance at Rs 105.2 per kg and Rs 105.5 per kg.

At LME, Aluminium erased previous session losses and plunged by 1.2% at $1895 per tonne on Wednesday. The disappointment over Federal Reserve additional stimulus hopes conspired with the festering European debt crisis on German Chancellor Merkel's comments led the metal to slump down. But, the constructive housing data from the US and China solaced the metal to curb huge losses.

MCX GOLD
International: Major Support at USD1550. Bullish till USD1625.
Domestic: Buy above 29250, Stop loss 29170, Target 29340.

MCX SILVER
International: Major Support at USD26. Bullish above USD28.
Domestic: Buy above 52950, Stop loss 52650, Target 53300.

MCX COPPER
Domestic: Buy above 428.50, Stop loss 426, Target 431.

MCX LEAD
Domestic: Buy at 105.40, Stop loss 105, Target 105.80.

MCX ZINC
Domestic: Buy at 103.90, Stop loss 103.50, Target 104.40.

MCX ALUMINIUM
Domestic: Buy above 105.10, Stop loss 104.60, Target 105.60.

MCX NICKEL
Domestic: Buy above 900, Stop loss 892, Target 908.

MCX CRUDE OIL
International: Major Support for WTI at USD83 Bullish above USD 91
Domestic: Buy (August) above 5060, Stop loss 5020, Target 5110.

MCX NATURAL GAS
Domestic: Buy above 165, Stop loss 163, Target 167.

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