Buy MCX Crude Jan around Rs 5050; tgt Rs 5120: Fortune Fin
Fortune Financial Servies has come out with its report on bullion, metals and energy. According to the research firm, MCX Crude oil January contract is looking positive for the day. Market may find support near 5050 & 5000; intraday resistance can be seen near 5120 & 5170. Day traders can buy intraday on dips.
January 07, 2013 / 12:42 IST
Fortune Financial Servies has come out with its report on bullion, metals and energy. According to the research firm, MCX Crude oil January contract is looking positive for the day. Market may find support near 5050 & 5000; intraday resistance can be seen near 5120 & 5170. Day traders can buy intraday on dips.
Bullion: Gold futures on domestic exchanges were trading lower, tracking a sharp decline in international markets. But, the rupee's strength against the dollar limited the downside in the metal. Gold futures on the COMEX slumped as the minutes of the US Federal Reserve policy meeting, released Thursday, indicated that bond-buying stimulus measures may come to an end sooner than expected.Energy: Crude oil futures on the MCX were trading down tracking similar trend on the New York Mercantile Exchange after the US Federal Reserve Thursday hinted at an early end to stimulus measures that triggered sell-off in commodities. Commodities came under heavy selling pressure as US Federal Reserve signaling an early end to assets purchase programme raised fears that the ongoing economic recovery in the world's second largest economy could falter.Metals: The day kicked off on a bearish note for base metals on MCX as global prices fell sharply on reports of a likely end to US fiscal stimulus programme, but the trend reversed as rupee fell against the dollar. Copper and other metals were weak for most of the first session, mirroring the losses on London Metal Exchange, where copper declined over 1% on fears of an end to US quantitative easing.MCX Gold February Contract is looking negative for the day. Market may find support near 30720 & 30620; intraday resistance can be seen near 30840 & 30940. Day traders are advised to sell intraday on rise. (Sell around 30840 with SL 30940, for the target of 30720 & 30620.)MCX Silver March Contract is looking negative for the day. Market may find support near 56800 & 56300; intraday resistance can be seen near 57700 & 58200. Day traders are advised to sell intraday on rise. (Sell around 57700 with SL 58200, for the target of 56800 & 56200.)MCX Natural Gas January contract is slightly looking negative the day. Market may find support near 178 & 175 intraday resistance can be seen near 182 & 185. Day traders are advised to sell intraday on rise. (Sell around 182 with SL 185 for the target of 178 & 175.)MCX Crude oil January contract is looking positive for the day. Market may find support near 5050 & 5000; intraday resistance can be seen near 5120 & 5170. Day traders are advised to buy intraday on dips. (Buy around 5050 with SL 5000, for the target of 5120 & 5170.)MCX Copper February contract is looking slightly positive for the day. Market may find support near 448 & 445; intraday resistance can be seen near 452 & 456. Day traders are advised to buy intraday on dips. (Buy around 448 with SL 445, for the target of 452 & 456.)MCX Lead January contract is looking negative for the day. Market may find support near 127.40, 126.20, intraday resistance can be seen near 129.50 & 130.70 Day traders are advised to sell intraday on rise. (Sell around 129.50 with SL 130.70 for the target of 127.40 & 126.20)MCX Nickel January contract is looking slightly positive for the day. Market may find support near 951, 942, intraday resistance can be seen near 964 & 975. Day traders are advised to buy intraday on dips. (Buy around 951 with SL 942 for the target of 964 & 975.)MCX Aluminium January contract is looking negative for the day. Market may find support near 111.90, 110.80, intraday resistance can be seen near 113.80 & 115 Day traders are advised to sell intraday on rise. (Sell around 113.80 with SL 115 for the target of 111.90 & 110.80)Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.To read the full report click on the attachment 
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