Fortune Financial Servies has come out with its report on bullion, energy and metals. According to the research firm, one can buy MCX Crude oil September around Rs 5340 with a stoploss Rs 5290, for the targets of Rs 5440 & 5490.
Bullion: Domestic gold futures were trading higher as COMEX futures broke the resistance level of $1,630 an ounce. Gold futures on COMEX gained as weak dollar against the dollar helped the yellow metal rise to a three-month high. Prices also rose on triggering of stop-losses after gold convincingly surpassed the resistance level of $1,630 an ounce. Energy: Domestic crude oil futures were trading higher tracking the rise in benchmark contracts on the New York Mercantile Exchange but a strong rupee against the dollar capped gains. NYMEX crude oil futures gained tracking a weak dollar against the euro, but trade traders were cautious ahead of the release of weekly oil inventory report by the US Energy Information Administration on Wednesday. Metals: Base metal contracts on MCX were up tracking rise in parent contracts on the London Metal Exchange, where prices rose due to a weak dollar against the euro. Sharp rise in domestic metal prices was, however, seen limited due to a strong rupee against the dollar. MCX Gold October Contract is looking positive for the day. Market may find support near 30150 & 30000; intraday resistance can be seen near 30370 & 30490. Day traders are advised to buy intraday on dips. (Buy around 30150 with SL 30000, for the target of 30370 & 30490.) MCX Silver September Contract is looking positive for the day. Market may find support near 54700 & 54100; intraday resistance can be seen near 55700 & 56200. Day traders are advised to buy intraday on dips (Buy around 54700 with SL 54100, for the target of 55700 & 56200.) MCX Natural Gas August contract is slightly positive for the day. Market may find support near 152 & 149 intraday resistance can be seen near 158 & 161 Day traders are advised to buy intraday on dips. (Buy around 152 with SL 149 for the target of 158 & 161.) MCX Crude oil September contract is looking positive for the day. Market may find support near 5340 & 5290; intraday resistance can be seen near 5440 & 5490. Day traders are advised to buy intraday on dips. (Buy around 5340 with SL 5290, for the target of 5440 & 5490.) MCX Copper August contract is looking positive for the day. Market may find support near 417 & 414; intraday resistance can be seen near 423 & 427. Day traders are advised to buy intraday on dips. (Buy around 417 with SL 414, for the target of 423 & 427.) MCX Nickel August contract is looking slightly positive for the day. Market may find support near 862, 848; intraday resistance can be seen near 885 & 898. Day traders are advised to buy intraday on dips. (Buy around 862 with SL 848, for the target of 885 & 898.) 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 attachmentDiscover 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!
