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Nov 22, 2012, 01.52 PM IST | Source: Moneycontrol.com

Sell MCX Crude Dec around Rs 4840; SL Rs 4890: Fortune Fin

Fortune Financial Servies has come out with its report on bullion, metals and energy. According to the research firm, one can sell MCX Crude oil December contract around Rs 4840 with a stop-loss of Rs 4890, for the target of Rs 4790 & 4740.

Fortune Financial Servies has come out with its report on bullion, metals and energy. According to the research firm, one can sell MCX Crude oil December contract around Rs 4840 with a stop-loss of Rs 4890, for the target of Rs 4790 & 4740.

Bullion: Domestic gold futures were stuck in a narrow range, moving in and out of the positive territory tracking the trend in COMEX futures. No major upside in local prices was seen also as the rupee recouped early losses against the dollar. Gold futures in global markets remained stuck in the $1,700-$1,740 range as investors are waiting for some fresh triggers to take prices higher.

Energy: Domestic crude oil futures on the MCX were trading lower tracking fall in benchmark contracts on New York Mercantile Exchange. Oil prices fell 2.8% on Tuesday following reports of likely ceasefire announcement in the Gaza city, which had become the epicentre of fight between Israel and Palestine in the last few days.

Metals: Most base metal futures, barring nickel, were trading in the red on the MCX taking cues from the London Metal Exchange where prices fell on reports that Eurozone finance ministers have failed to reach an agreement on aid for debt-ridden Greece.

MCX Gold December Contract is looking positive for the day. Market may find support near 31710 & 31600; intraday resistance can be seen near 31840 & 31920. Day traders are advised to buy intraday on dips. (Buy around 31710 with SL 31600, for the target of 31840 & 31920.)

MCX Silver December Contract is looking positive for the day. Market may find support near 61500 & 61000; intraday resistance can be seen near 61900 & 62400. Day traders are advised to buy intraday on dips. (Buy around 61500 with SL 61000, for the target of 61900 & 62400.)

MCX Natural Gas November contract is looking positive for the day. Market may find support near 212 & 209 intraday resistance can be seen near 215 & 218. Day traders are advised to buy intraday on dips. (Buy around 212 with SL 209 for the target of 215 & 218.)

MCX Crude oil December contract is looking negative for the day. Market may find support near 4790 & 4740; intraday resistance can be seen near 4840 & 4890. Day traders are advised to sell intraday on rise. (Sell around 4840 with SL 4890, for the target of 4790 & 4740.)

MCX Copper November contract is looking slightly positive for the day. Market may find support near 423 & 420; intraday resistance can be seen near 427 & 430. Day traders are advised to buy intraday on dips. (Buy around 423 with SL 420, for the target of 427 & 430.)

MCX Nickel November contract is looking positive for the day. Market may find support near 912, 904, intraday resistance can be seen near 922 & 930. Day traders are advised to buy intraday on dips. (Buy around 912 with SL 904 for the target of 922 & 930.)

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