Sell MCX Gold Oct around Rs 31320; SL Rs 31420: Fortune Fin
Fortune Financial Servies has come out with its report on bullion, energy and metals. According to the research firm, one can sell MCX Gold October contract around Rs 31320 with a stop-loss of Rs 31420, for the target of Rs 31190 & 31090.
October 01, 2012 / 19:55 IST
Fortune Financial Servies has come out with its report on bullion, energy and metals. According to the research firm, one can sell MCX Gold October contract around Rs 31320 with a stop-loss of Rs 31420, for the target of Rs 31190 & 31090.
Bullion: Despite the rise in COMEX futures, gold futures on domestic exchanges were trading down, as the sharp rise in the rupee against the dollar weighed on prices. Sentiment improved on COMEX after concerns over Spain's debt woes eased after the country presented an austere 2013 budget on Thursday, sending up the euro against the dollar and supporting the gains in gold.Energy: Crude oil futures were trading lower on the MCX tracking rise in the rupee against the dollar, but gains in benchmark contracts on the New York Mercantile Exchange limited the fall. NYMEX crude oil futures gained tracking weak dollar against the euro, coupled with concerns regarding supply disruption amid tension in West Asia.Metals: Base metal contracts on MCX were trading in the green tracking the rise in parent contracts on the London Metal Exchange, which were up on a weak US dollar against the euro. A sharp gain in domestic base metal prices was, however, limited as the rupee appreciated against the dollar.MCX Gold October Contract is looking slightly negative for the day. Market may find support near 31190 & 31090; intraday resistance can be seen near 31320 & 31420. Day traders are advised to sell intraday on rise. (Sell around 31320 with SL 31420, for the target of 31190 & 31090.)MCX Silver December Contract is looking slightly negative for the day. Market may find support near 62600 & 62200; intraday resistance can be seen near 63200 & 63700. Day traders are advised to sell intraday on rise (Sell around 63200 with SL 63700, for the target of 62600 & 62200.)MCX Natural Gas October contract is looking positive for the day. Market may find support near 172 & 169 intraday resistance can be seen near 176 & 179 Day traders are advised to buy intraday on dips. (Buy around 172 with SL 169 for the target of 176 & 179.)MCX Crude oil October contract is looking slightly negative for the day. Market may find support near 4860 & 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 4860 & 4820.)MCX Copper November contract is looking slightly negative for the day. Market may find support near 438 & 435; intraday resistance can be seen near 443 & 446. Day traders are advised to sell intraday on rise. (Sell around 443 with SL 446, for the target of 438 & 435.)MCX Nickel October contract is looking slightly positive for the day. Market may find support near 970, 958; intraday resistance can be seen near 988 & 998. Day traders are advised to buy intraday on dips. (Buy around 970 with SL 958, for the target of 988 & 998.)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 
Read More
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
