Commodity Tips for the Week
GOLD:
U.S. GOLD FUTURES ENDED 2 PERCENT LOWER ON FRIDAY, HITTING A 10-DAY LOW AS INVESTORS RUSHED TO TAKE PROFITS AFTER GOLDMAN SACHS, A MAJOR COMMODITIES PLAYER, WAS CHARGED WITH FRAUD BY REGULATORS. LAST WEEK COMEX GOLD BROKE THE LEVEL OF 1140$ AND SUSTAINED BELOW IT. IN THE COMING WEEK 1171/1180 $ AN OUNCE WILL ACT AS STRONG RESISTANCE. IF COMEX GOLD SUSTAINS BELOW 1120$ AN OUNCE THEN IT CAN MAKE A DOWNWARD RALLY BELOW IT.
STRATEGY
FOR THE NEXT WEEK TRADERS CAN USE THE SELL ON HIGHER LEVEL STRATEGY IF IT SUSTAINS BELOW $1150/ 1162 AN OUNCE BY KEEPING THE STRICT STOP LOSSES.
MAJOR SUPPORT FOR COMEX GOLD IN THE COMING WEEK WOULD BE 1105$ AND $1084
MAJOR RESISTANCE FOR COMEX GOLD IN THE COMING WEEK WOULD BE $1180 AND $1226
MAJOR SUPPORT IN MCX GOLD IS 16400 AND 15800
MAJOR RESISTANCE IN MCX GOLD IS 17130 AND 17650.
COPPER:
U.S. COPPER FUTURES FINISHED AT A THREE-WEEK LOW ON FRIDAY, AS RISK SENTIMENT CRUMBLED AND SAFE-HAVEN DOLLAR INVESTMENTS GREW AFTER THE U.S. SECURITIES AND EXCHANGE COMMISSION CHARGED GOLDMAN SACHS GROUP WITH FRAUD.
COMEX COPPER REMAINED WEEK THROUGH OUT THE PREVIOUS WEEK AND IT HAS FAILED TO CLOSE ABOVE THE ALL IMPORTANT LEVEL OF 359. MCX COPPER TOO DID NOT CROSS THE IMPORTANT RESISTANCE OF 358. FOR THE COMING WEEK UNTIL COMEX COPPER SUSTAIN ABOVE 359 LEVEL, ONE SHOULD USE THE STRATEGY OF SELL ON HIGHER LEVELS. IF COMEX COPPER SUSTAINS BELOW 350 WE CAN SEE IT AT 340 LEVELS. FOR THE NEXT WEEK COMEX COPPER HAS IMPORTANT SUPPORT OF 350 AND 328 AND RESISTANCE OF 359 AND 378. MCX COPPER HAS SUPPORT AT 332 AND 314 AND RESISTANCE AT 359 AND 371.
U.S. GOLD FUTURES ENDED 2 PERCENT LOWER ON FRIDAY, HITTING A 10-DAY LOW AS INVESTORS RUSHED TO TAKE PROFITS AFTER GOLDMAN SACHS, A MAJOR COMMODITIES PLAYER, WAS CHARGED WITH FRAUD BY REGULATORS. LAST WEEK COMEX GOLD BROKE THE LEVEL OF 1140$ AND SUSTAINED BELOW IT. IN THE COMING WEEK 1171/1180 $ AN OUNCE WILL ACT AS STRONG RESISTANCE. IF COMEX GOLD SUSTAINS BELOW 1120$ AN OUNCE THEN IT CAN MAKE A DOWNWARD RALLY BELOW IT.
STRATEGY
FOR THE NEXT WEEK TRADERS CAN USE THE SELL ON HIGHER LEVEL STRATEGY IF IT SUSTAINS BELOW $1150/ 1162 AN OUNCE BY KEEPING THE STRICT STOP LOSSES.
MAJOR SUPPORT FOR COMEX GOLD IN THE COMING WEEK WOULD BE 1105$ AND $1084
MAJOR RESISTANCE FOR COMEX GOLD IN THE COMING WEEK WOULD BE $1180 AND $1226
MAJOR SUPPORT IN MCX GOLD IS 16400 AND 15800
MAJOR RESISTANCE IN MCX GOLD IS 17130 AND 17650.
COPPER:
U.S. COPPER FUTURES FINISHED AT A THREE-WEEK LOW ON FRIDAY, AS RISK SENTIMENT CRUMBLED AND SAFE-HAVEN DOLLAR INVESTMENTS GREW AFTER THE U.S. SECURITIES AND EXCHANGE COMMISSION CHARGED GOLDMAN SACHS GROUP WITH FRAUD.
COMEX COPPER REMAINED WEEK THROUGH OUT THE PREVIOUS WEEK AND IT HAS FAILED TO CLOSE ABOVE THE ALL IMPORTANT LEVEL OF 359. MCX COPPER TOO DID NOT CROSS THE IMPORTANT RESISTANCE OF 358. FOR THE COMING WEEK UNTIL COMEX COPPER SUSTAIN ABOVE 359 LEVEL, ONE SHOULD USE THE STRATEGY OF SELL ON HIGHER LEVELS. IF COMEX COPPER SUSTAINS BELOW 350 WE CAN SEE IT AT 340 LEVELS. FOR THE NEXT WEEK COMEX COPPER HAS IMPORTANT SUPPORT OF 350 AND 328 AND RESISTANCE OF 359 AND 378. MCX COPPER HAS SUPPORT AT 332 AND 314 AND RESISTANCE AT 359 AND 371.
Stock Tips for the Week
Nifty Started the week with negative tone after reaching to financial year 09-10 record high of 5399.65 in the previous week. Nifty lost its upside momentum in the very first trading session and continued for entire week just ahead of RBI credit policy review due on Tuesday next week. Profit booking led the nifty retrace to low of 5237.55. Nifty is currently moving in the range of 130 points from 5230 to 5360 on account of low implied volatility. Technical indicators like RSI and stochastic oscillator are currently on the verge of entering into oversold zone and moving in medium negative territory. MACD has also shown negative divergence indicating correction in near term. Nifty is currently moving in rectangle and likely to break it on the lower side. Any decisive break on the lower front of the rectangle could take the nifty to 5150-5100 level. Expecting nifty to remain range bound in between 5150- 5325 in next week. Next week market movement will solely depend on RBI move. Any hike in key rates would led nifty to 5100-5000 levels, however probability of this seems very low as inflation figure is still in single digit which is temporal sign of relief for RBI. On the day of RBI policy review we could see high volatility in nifty. If the key rates remain unchanged we could see bounce back in nifty up to 5350 levels. Nifty has intermediate term support at 5150 and resistance at 5325. Nifty is currently trading below 5 and 13 day EMA which indicates weakness of the uptrend.
And now some stocks which trader must keep watch for next week are:
Oriental bank of commerce
CMP 326.65
Target 310
Stop loss 336
Support resistance 310/340
Sesa Goa
CMP 471.55
Target 482-489
Stop loss 454
Support resistance 455 / 495
TATA STEEL
CMP 695.70
Target 710-725
Stop loss 670
Support resistance 670 / 735
Commodity Tips for the Week
GOLD:
US GOLD ROSE AS MUCH AS TO $1,120/OZ ON COMEX, HELPED BY A DROP IN THE DOLLAR ON WORSE-THAN EXPECTED US ADP EMPLOYMENT DATA. GOLD FUTURES ROSE FOR A FOURTH DAY IN THE LAST FIVE TRADING DAYS. THE DOLLAR FELL 0.5 PERCENT AGAINST A BASKET OF SIX MAJOR CURRENCIES AFTER ADP EMPLOYMENT REPORTS SHOWED THAT US PRIVATE SECTOR EMPLOYERS CUT 23,000 JOBS IN MARCH.
TECHNICALS
COMEX GOLD IS STILL WEEK ON CHARTS, BUT LAST WEEK IT HAS CONTINOUSLY SUSTAINED ABOVE $1100. FOR THE UPCOMING WEEK IF COMEX GOLD SUSTAINS BELOW $1084 AN OUNCE THEN IT CAN TEST THE LEVEL OF $1062 AND ON THE UPSIDE $1146 WILL BE A MAJOR RESISTANCE. UNTIL IT CROSSES AND SUSTAIN ABOVE $1146, WE CAN SEE ANOTHER DIP IN GOLD. IN THE COMING WEEK TRADERS CAN USE THE SELL ON HIGHER LEVEL STRATEGY BY KEEPING THE STRICT STOP LOSSES IN GOLD.
MAJOR RESISTANCE IN COMEX GOLD IS $1146 AND $1175 AND SUPPORTS AT $1084 AND $1050. MAJOR RESISTANCE IN MCX GOLD IS 16900 AND 17650 AND SUPPORTS AT 16250 AND 15710.
COPPER:
COPPER STARTED THE NEW QUARTER ON SOLID FOOTING, RALLYING TO A 20-MONTH PEAK ABOVE $358 IN COMEX FUTURES ON THURSDAY AFTER POSITIVE MANUFACTURING DATA FROM CHINA, EUROPE AND THE U.S. BOLSTERED DEMAND SENTIMENT. COMEX COPPER HAS BEEN IN AN UPTREND FOR THE ENTIRE PREVIOUS WEEK. AND HAS CROSSED THE ALL IMPORTANT RESISTANCE OF 359. FOR THE COMING WEEK TRADERS SHOULD USE THE STRATEGY OF BUYING ON LOWER LEVELS IF IT SUSTAINS ABOVE THE LEVEL OF 359. COMEX COPPER HAS CRUCIAL SUPPORT OF 341 AND 327 AND RESISTANCE OF 378 AND 390. FOR MCX COPPER SUPPORT IS FOUND AT 348 AND 332 AND RESISTANCE AT 370 AND 387.
US GOLD ROSE AS MUCH AS TO $1,120/OZ ON COMEX, HELPED BY A DROP IN THE DOLLAR ON WORSE-THAN EXPECTED US ADP EMPLOYMENT DATA. GOLD FUTURES ROSE FOR A FOURTH DAY IN THE LAST FIVE TRADING DAYS. THE DOLLAR FELL 0.5 PERCENT AGAINST A BASKET OF SIX MAJOR CURRENCIES AFTER ADP EMPLOYMENT REPORTS SHOWED THAT US PRIVATE SECTOR EMPLOYERS CUT 23,000 JOBS IN MARCH.
TECHNICALS
COMEX GOLD IS STILL WEEK ON CHARTS, BUT LAST WEEK IT HAS CONTINOUSLY SUSTAINED ABOVE $1100. FOR THE UPCOMING WEEK IF COMEX GOLD SUSTAINS BELOW $1084 AN OUNCE THEN IT CAN TEST THE LEVEL OF $1062 AND ON THE UPSIDE $1146 WILL BE A MAJOR RESISTANCE. UNTIL IT CROSSES AND SUSTAIN ABOVE $1146, WE CAN SEE ANOTHER DIP IN GOLD. IN THE COMING WEEK TRADERS CAN USE THE SELL ON HIGHER LEVEL STRATEGY BY KEEPING THE STRICT STOP LOSSES IN GOLD.
MAJOR RESISTANCE IN COMEX GOLD IS $1146 AND $1175 AND SUPPORTS AT $1084 AND $1050. MAJOR RESISTANCE IN MCX GOLD IS 16900 AND 17650 AND SUPPORTS AT 16250 AND 15710.
COPPER:
COPPER STARTED THE NEW QUARTER ON SOLID FOOTING, RALLYING TO A 20-MONTH PEAK ABOVE $358 IN COMEX FUTURES ON THURSDAY AFTER POSITIVE MANUFACTURING DATA FROM CHINA, EUROPE AND THE U.S. BOLSTERED DEMAND SENTIMENT. COMEX COPPER HAS BEEN IN AN UPTREND FOR THE ENTIRE PREVIOUS WEEK. AND HAS CROSSED THE ALL IMPORTANT RESISTANCE OF 359. FOR THE COMING WEEK TRADERS SHOULD USE THE STRATEGY OF BUYING ON LOWER LEVELS IF IT SUSTAINS ABOVE THE LEVEL OF 359. COMEX COPPER HAS CRUCIAL SUPPORT OF 341 AND 327 AND RESISTANCE OF 378 AND 390. FOR MCX COPPER SUPPORT IS FOUND AT 348 AND 332 AND RESISTANCE AT 370 AND 387.
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