Sell MCX Crude oil at Rs 5021; target Rs 4990: Dani Comm

Dani Commodities has come out with its report on crude oil and other commodities. According to the research firm, one can sell MCX Crude oil at Rs 5021 with a stop loss of rs 5041 for the target of Rs 4990.

Crude oil futures plummeted sharply in the electronic trading Monday pressured by losses in the Asian equities and the US stock futures on details of a bailout of Cyprus over the weekend, which fretted investors about the potential implications of a decision to levy private bank deposits.

The losses for Asian stocks and the euro came after Cyprus announced plans for a one-off levy on bank deposits in exchange for equity in the banks as part of a deal that would have international creditors provide 10 billion euros ($12.9 billion) to shore up the island nation’s finances.

Under the bailout, Cyprus would also sell government assets, raise corporate tax rates and impose a tax on interest earned in Cypriot banks.

Japan’s Nikkei Stock Average fell 1.8%, South Korea’s Kospi lost 0.7%, and Australia’s S&P/ASX 200 index fell 1.5%. Among U.S. index futures, the Dow Jones Industrial Average contract traded 116 points, or 0.8%, lower at 14,317. Nasdaq futures fell almost 29 points, or 1%, to 2,761.75, while those for the S&P 500 lost 16.6 points, or 1.1%, to 1,537.

Light sweet crude futures for delivery in April tumbled below $93 down more than 1% in the morning electronic trades on the New York Mercantile Exchange Monday. On Friday, it settled up 0.6% at $93.58 a barrel by close of trade.

MCX CRUDE OIL

International: Major Support for WTI at USD89 Bullish above USD 91
Domestic: Sell at 5021, Stoploss 5041, Target 4990.

MCX NICKEL

Domestic: Sell at 902.50, Stoploss 909, Target 894

MCX GOLD

International: Major Support at USD1580. Bearish below USD1580.
Domestic: Buy at 29480, Stoploss 29420, Target 29560

MCX SILVER

International: Major Support at USD29. Bearish below USD29.
Domestic: Buy at 54180, Stoploss 53900, Target 54400.

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