Elliott wave method combined with Bollinger Bands and ROC indicator gives the overall context of the market, and range bound move between 12,100 and 11,650 can be expected.
India is supposed to have entered the most delicate phase with respect to Corona Virus and Nifty has already rallied by 1100 points from the lows! Astonished Yet!
The probable date of next low on the Bank Nifty will be in the first week of February and might coincide with the event day on February 1.
Priyank Upadhyay of SSJ Finance & Securities suggests buying MCX gold at Rs 30,650 per 10gm. "Keep stop loss for this trade below Rs 30,520 per 10gm and expect target of Rs 30,850-30,930 per 10gm", he adds.
Sugandha Sachdeva of Religare Commodities advises selling MCX gold April series at Rs 30,850-30,800 per 10gm. She mentions to keep a stop loss at Rs 31,000 per 10gm with an initial target of Rs 30,500 per 10gm and next target of Rs 30,200 per 10gm.
Sugandha Sachdeva of Religare Commodities advises going long on copper MCX April series at Rs 441-442 levels. "Keep a stop loss for this trade at Rs 438, which is acting as an immediate support level. One can look for targets close to Rs 448 on the higher side in an intraday session", she further adds.
Sreekanth Jha of PJ Commodity Ventures Pvt Ltd suggests buying MCX crude at Rs 5,100 per barrel with a target of around Rs 5,200 per barrel.