Sell MCX Crude Oct around Rs 4870; SL Rs 4920: 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 Crude October contract around Rs 4870 with a stop-loss of Rs 4920, for the targets of Rs 4820 & Rs 4770.
October 15, 2012 / 15:46 IST
Fortune Financial Servies has come out with its report on bullion, energy and metals. According to the research firm, one can sell MCX Crude October contract around Rs 4870 with a stop-loss of Rs 4920, for the targets of Rs 4820 & Rs 4770.
Bullion: Gold futures on MCX were trading marginally up, mostly factoring the fall in rupee against the dollar, even as parent contract on COMEX was slightly down, continuing its consolidation in the range of $10 an ounce. Gold is flat on rise in risk appetite in global markets. Weakness in dollar, however, averted fall in global gold prices, though weak rupee marginally pushed up domestic prices.Energy: Crude oil futures on the MCX were trading slightly higher tracking the rise in benchmark contracts on the New York Mercantile Exchange and depreciation in the rupee against the US dollar. NYMEX crude oil rose, as euro gained against the US dollar amid hopes in the market that recent downgrade of Spain's credit rating by the Standard & Poor's would force the nation to seek a bailout.Metals: Base metal futures on the MCX were trading lower mirroring the trend in benchmark contracts on the London Metal Exchange, where concerns over demand pulled down prices. LME lead, nickel and zinc contracts fell over 1%, while copper and aluminium declined 0.8% and 0.7% respectively. MCX Gold December Contract is looking slightly negative for the day. Market may find support near 31200 & 31090; intraday resistance can be seen near 31330 & 31420. Day traders are advised to sell intraday on rise. (Sell around 31330 with SL 31420, for the target of 31200 & 31090.)MCX Silver December Contract is looking slightly negative for the day. Market may find support near 61200 & 60700; intraday resistance can be seen near 61800 & 62300. Day traders are advised to sell intraday on rise. (Sell around 61800 with SL 62300, for the target of 61200 & 60700.)MCX Natural Gas October contract is looking positive for the day. Market may find support near 188 & 185 intraday resistance can be seen near 191 & 194 Day traders are advised to buy intraday on dips. (Buy around 188 with SL 185 for the target of 191 & 194.)MCX Crude oil October contract is looking slightly negative for the day. Market may find support near 4820 & 4770; intraday resistance can be seen near 4870 & 4920. Day traders are advised to sell intraday on rise. (Sell around 4870 with SL 4920, for the target of 4820 & 4770.)MCX Copper November contract is looking slightly positive for the day. Market may find support near 433 & 430; intraday resistance can be seen near 436 & 439. Day traders are advised to buy intraday on dips. (Buy around 433 with SL 430, for the target of 436 & 439.)MCX Nickel October contract is looking negative for the day. Market may find support near 904, 895, intraday resistance can be seen near 916 & 924. Day traders are advised to sell intraday on rise. (Sell around 916 with SL 924, for the target of 904 & 895.) 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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