4:27 PM
Nifty Tips
Gold December MCX
Gold December future prices fell sharply on yesterday’s session by declining as much as 0.75% from previous close. After making a low of 19419 it settled at 19441 levels. Market has breached the support at 19470 levels and closing below the
same suggests downside pressure to be continued. A mild higher correction is expected before resuming its downtrend. We expect prices to trade lower and recommend selling near resistance levels.
Crude oil November MCX
Crude oil November future prices witnessed downtrend on yesterday’s trading session by reversing the previous trend. After making a high of 3695 it settled lower at 3663 levels. Closing below the daily short term EMA suggests downside
movements. The RSI (14) daily ended at 0.48 levels and showing a lower potential. We expect prices to trade lower and recommend selling for the day.
Copper November MCX
Copper November future prices reversed its previous gains by settling lower at 373.65 levels after making an intraday high of 381.20 levels. A mild higher could be seen before resuming its downtrend. The resistance is at 376 levels sustain below the same is likely to remain lower for the day. The support is at 371 levels on break below is expected to extend its drop till 369 levels. We expect prices to remain lower and recommend selling near resistance levels.
Guar seed November NCDEX
Guar seed November future prices traded higher on yesterday’s trading session. After making a high of 2163 it settled at 2145 levels. Guar seed is witnessing trend channel formation on the upper side. The principle of fibonacci states that guar seed is witnessing support at 2136 levels which is 76.4% retracement of the range (1935-2199) levels. Sustain above 2136 levels would lead the prices to test the origin point of 2199 levels. The RSI (14) daily is treading at 0.623 levels and still has the
potential to move higher. We expect prices to trade higher and
recommend buying at support levels.
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