Sell MCX Crude Jan around Rs 4920; SL Rs 4970: Fortune Fin

Fortune Financial Servies has come out with its report on bullion, metals and energy. According to the research firm, MCX Crude oil January contract is looking slightly negative for the day. Market may find support near Rs 4870 & Rs 4820; intraday resistance can be seen near Rs 4920 & Rs 4970. One can sell MCX Crude Jan around Rs 4920 with a stoploss of Rs 4970, for targets of Rs 4870 & 4820.

Bullion: Gold futures were trading lower on domestic exchanges after the rupee shed early losses and strengthened against the dollar. However, the downtrend in local prices was limited due to the rise in global markets, where a weak dollar against the euro boosted prices.

Energy: Domestic crude oil futures were trading lower tracking appreciation in rupee against the US dollar, but a rangebound trend in benchmark contracts on the New York Mercantile Exchange contracts capped losses. On NYMEX, crude oil edged lower earlier in the session due to concerns over US fiscal cliff, but recovered later in the day on weak dollar against the euro.

Metals: Most base metal futures on the MCX traded lower tracking a similar trend in parent contracts on the London Metal Exchange, where concerns over the US 'fiscal cliff' weighed on prices. The overall movement in base metal futures was subdued, as investor participation remained thin ahead of Christmas holidays.

MCX Gold February Contract is looking slightly negative for the day. Market may find support near 31810 & 30720; intraday resistance can be seen near 30890 & 30990. Day traders are advised to sell intraday on rise. (Sell around 30890 with SL 30990, for the target of 30810 & 30720.)

MCX Silver March Contract is looking slightly negative for the day. Market may find support near 57600 & 57100; intraday resistance can be seen near 58200 & 58700. Day traders are advised to sell intraday on rise. (Sell around 58200 with SL 58700, for the target of 57600 & 57100.)

MCX Natural Gas January contract is looking slightly positive for the day. Market may find support near 184 & 181 intraday resistance can be seen near 187 & 190. Day traders are advised to buy intraday on dips. (Buy around 184 with SL 181 for the target of 187 & 190.)

MCX Crude oil January contract is looking slightly negative for the day. Market may find support near 4870 & 4820; intraday resistance can be seen near 4920 & 4970. Day traders are advised to sell intraday on rise. (Sell around 4920 with SL 4970, for the target of 4870 & 4820.)

MCX Copper February contract is looking positive for the day. Market may find support near 435 & 432; intraday resistance can be seen near 437 & 439. Day traders are advised to buy intraday on dips. (Buy around 435 with SL 432, for the target of 437 & 439.)

MCX Lead December contract is looking slightly positive for the day. Market may find support near 125.50, 124.40, intraday resistance can be seen near 127.20 & 128.40 Day traders are advised to buy intraday on dips. (Buy around 125.40 with SL 124.40 for the target of 127.20 & 128.40).

MCX Nickel December contract is looking slightly positive for the day. Market may find support near 945, 936, intraday resistance can be seen near 958 & 968. Day traders are advised to buy intraday on dips. (Buy around 945 with SL 936 for the target of 958 & 968.)

MCX Aluminium December contract is looking positive for the day. Market may find support near 112.10, 111.50, intraday resistance can be seen near 112.10 & 114.30. Day traders are advised to buy intraday on dips. (Buy around 112.10 with SL 111.50 for the target of 112.10 & 114.30.)

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