Sell MCX Gold April near Rs 29650; SL Rs 29760: Fortune Fin

Fortune Financial Servies has come out with its report on commodities. According to the research firm, MCX Gold April Contract is looking negative for the day. Market may find support near Rs 29520 & Rs 29420; intraday resistance can be seen near Rs 29650 & Rs 29760. One can sell MCX Gold April around Rs 29650 with a stop loss of Rs 29760, for a target price of Rs 29520 & Rs 29420.

Bullion: Gold futures were trading up on the local bourses tracking the COMEX futures that came under pressure after investors booked profits ahead of the Easter holidays this week. In the short term, the gold price is likely to be driven largely by news of developments in Cyprus. Silver futures were down on local exchanges due to weakness in COMEX futures. On COMEX, silver futures fell tracking the weakness in base metals. Energy: Domestic crude oil futures were trading higher tracking gains in benchmark contracts on the New York Mercantile Exchange. The U.S. Energy Information Administration said commercial crude-oil stockpiles rose by 3.3 million barrels last week, surprising analysts that had expected a more modest 700,000-barrel increase and sending total stocks to a nine-month high of 385.9 million barrels. (Prices in Rs) Metals: Base metals on MCX were trading lower tracking the same movement in the LME. Base metals are mostly lower on the London Metal Exchange Wednesday, drifting in thin trade as euro-zone jitters continue to depress investor sentiment. MCX Gold April Contract is looking negative for the day. Market may find support near 29520 & 29420; intraday resistance can be seen near 29650 & 29760. Day traders are advised to sell intraday on rise. (Sell around 29650 with SL 29760, for the target of 29520 & 29420.) MCX Silver May Contract is looking negative for the day. Market may find support near 53400 & 52900; intraday resistance can be seen near 54100 & 54600. Day traders are advised to sell intraday on rise. (Sell around 54100 with SL 54600, for the target of 53400 & 52900.) MCX Natural Gas April contract is looking positive the day. Market may find support near 220 & 217 intraday resistance can be seen near 225 & 228. Day traders are advised to buy intraday on dips. (Buy around 220 with SL 217 for the target of 225 & 228.) MCX Crude oil April contract is looking positive for the day. Market may find support near 5220 & 5170; intraday resistance can be seen near 5260 & 5310. Day traders are advised to buy intraday on dips. (Buy around 5220 with SL 5170, for the target of 5260 & 5310.) MCX Copper April contract is looking negative for the day. Market may find support near 415 & 412; 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 415 & 412.) MCX Lead March contract is looking negative for the day. Market may find support near 113.30, 112.20, intraday resistance can be seen near 114.90 & 115.80 Day traders are advised to sell intraday on rise. (Sell around 114.90 with SL 115.80 for the target of 113.30 & 112.20) MCX Nickel March contract is looking negative for the day. Market may find support near 902, 892, intraday resistance can be seen near 918 & 928. Day traders are advised to sell intraday on rise. (Sell around 918 with SL 928 for the target of 902 & 892.) MCX Aluminium March contract is looking negative for the day. Market may find support near 101.90, 100.80 intraday resistance can be seen near 103.40 & 104.50 Day traders are advised to sell intraday on rise. (Sell around 103.40 with SL 104.50 for the target of 101.90 & 103.40) 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.

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