Buy MCX Natural Gas August around Rs 152: Fortune Financial

Bullion: Gold futures on domestic exchanges were trading slightly higher as the rise in benchmark contract on COMEX and weak rupee against the dollar supported prices. On COMEX, the yellow metal was stuck in a tight range, treading in and out of the positive territory. The weak dollar against the euro provided support to gold prices

Energy: Domestic crude oil futures traded 1% higher tracking overnight gains in the benchmark New York Mercantile Exchange contracts and weak rupee against the dollar today. NYMEX crude oil futures rose on Wednesday following more-than-expected drop in the US crude oil stocks. Natural-gas futures edged into positive territory on Thursday in choppy trading after a bullish U.S. inventory report.

Metals: Base metal contracts on MCX fell due to profit sales and tracking losses on the London Metal Exchange. Weaker rupee makes import of dollar-denominated metals costlier. Prices also fell as the euro declined against the dollar after release of strong US industrial output data Wednesday.

MCX Gold October Contract is looking positive for the day. Market may find support near 29950 & 29840; intraday resistance can be seen near 30190 & 30310. Day traders are advised to buy intraday on dips. (Buy around 29950 with SL 29840, for the target of 30190 & 30310.)

MCX Silver September Contract is looking positive for the day. Market may find support near 53300 & 52900; intraday resistance can be seen near 54000 & 54500. Day traders are advised to buy intraday on dips (Buy around 53300 with SL 52900, for the target of 54000 & 54500.)

MCX Natural Gas August contract is slightly positive for the day. Market may find support near 152 & 149 intraday resistance can be seen near 158 &  161 Day traders are advised to buy intraday on dips. (Buy around 152 with SL 149 for the target of 158 & 161.)

MCX Crude oil August contract is looking positive for the day. Market may find support near 5250 & 5200; intraday resistance can be seen near 5330 & 5380. Day traders are advised to buy intraday on dips. (Buy around 5250 with SL 5200, for the target of 5330 & 5380.)

MCX Copper August contract is looking slightly negative for the day. Market may find support near 412 & 409; intraday resistance can be seen near 418 & 421. Day traders are advised to sell intraday on rise. (Sell around 418 with SL 421, for the target of 412 & 409.)

MCX Nickel August contract is looking slightly positive for the day. Market may find support near 858, 848; intraday resistance can be seen near 874 & 885. Day traders are advised to buy intraday on dips. (Buy around 858 with SL 848, for the target of 874 & 885.)

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