Sell MCX Gold Oct around Rs 30150; SL Rs 30260: Fortune Fin

Fortune Financial Servies has come out with its report on bullion, energy and metals. According to the research firm, one can sell around Rs 30150 with stoploss of Rs 30260, for the target of Rs 29940 & 29820.

Bullion: Even as parent contracts on COMEX traded in the red, gold futures on domestic exchanges were trading slightly higher due to a fall in the rupee against the dollar. Most commodity market bulls, including the precious metals bulls, were a bit disappointed that no specific plans were announced by the ECB.

Energy: Crude Oil futures pushed lower Thursday after the European Central Bank failed to offer fresh measures to stimulate Europe's ailing economies, fanning worries over weak crude demand.

Base metals closed lower on the London Metal Exchange Thursday, dropping as investors expressed their disappointment with European Central Bank President Mario Draghi's failure to signal imminent stimulus measures at a monthly news conference.

MCX Gold October Contract is looking negative for the day. Market may find support near 29940 & 29820; intraday resistance can be seen near 30150 & 30260. Day traders are advised to sell intraday on rise. (Sell around 30150 with SL 30260, for the target of 29940 & 29820.)

MCX Silver September Contract is looking negative for the day. Market may find support near 52600 & 52100; intraday resistance can be seen near 53500 & 54100. Day traders are advised to sell intraday on rise (Sell around 53500 with SL 54100, for the target of 52600 & 52100.)

MCX Natural Gas August contract is looking slightly negative for the day. Market may find support near 164& 162 intraday resistance can be seen near 170& 173 Day traders are advised to sell intraday on rise. (Sell around 170with SL 173 for the target of 164 & 162.)

MCX Crude oil August contract is looking slightly positive for the day. Market may find support near 4920 & 4870; intraday resistance can be seen near 5010 & 5060. Day traders are advised to buy intraday on dips. (Buy around 4920 with SL 4870, for the target of 5010 & 5060.)

MCX Copper August contract is looking negative for the day. Market may find support near 408 & 405; intraday resistance can be seen near 414 & 417. Day traders are advised to sell intraday on rise. (Sell around 414 with SL 417, for the target of 408 & 405.)

MCX Nickel August contract is looking slightly negative for the day. Market may find support near 860, 845; intraday resistance can be seen near 885  & 898. Day traders are advised to sell intraday on rise. (Sell around 885 with SL 898, for the target of 860 & 845.)

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