Sell MCX Silver at Rs 57850; SL Rs 58050: Dani Commodities

Dani Commodities has come out with its report on commodities. According to the research firm, one can sell MCX Silver at Rs 57850 with a stop loss of Rs 58050 for the target of Rs 57500.

Metals markets will be benefitted by the fact that a last minute deal that seemed unlikely a day before was reached, saving some respite for the US citizens who would have otherwise faced a slap of $ 600 billion. The White House and Senate Republicans reached a deal to avoid the fiscal cliff, as per market reports. The deal would still need to be approved by both chambers of Congress would reportedly delay across-the-board spending cuts by two months in addition to raising taxes on incomes of $450,000 and above. A Senate vote could come late Monday. LME Copper three month forwards closed at a nine day high at $ 7929 per tonne, up $ 55 per tonne. MCX Copper closed at Rs 443.7 per kg, up 1%. Other industrial metals like Lead increased by $ 17 per tonne to close at $ 2340 per tonne on Monday. MCX Lead futures settled at Rs 127 per kg, up 0.35%. In currencies, Dollar was seen trading at 1.32 against the Euro, unchanged from last night. China's Purchasing Managers' Index for manufacturing sector remained at 50.6 percent in December, said the China Federation of Logistics and Purchasing Tuesday. This is the third consecutive month that the PMI figure has stayed above 50 percent, which demarcates expansion from contraction, said the CFLP in a report. MCX GOLD
International: Major Support at USD1630. Bullish above USD1670.
Domestic: Sell at 30870, Stoploss 30920, Target 30810. MCX SILVER
International: Major Support at USD29. Bullish above USD31.
Domestic: Sell at 57850, Stop loss 58050, Target 57500. MCX COPPER
Domestic: Buy at 443, Stoploss 441.5, Target 445. 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. To read the full report click on the attachment

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