MCX | NCDEX Market News And Profitable Tips

MCX Crude Oil: Support at 5250 and resistance at 5300

International crude oil futures declined as signs of a slowing Chinese economy and OPEC’s decision to maintain production boosted speculation supply will outstrip demand. 

MCX Crude Oil May contract opened lower by 0.40% while Natural Gas June contract also dropped below Rs 225. Crude oil future may witness sideways movement for the day and Natural gas may trade bearish. 

MCX Crude June futures now have a crucial support at Rs 5250 and resistance at Rs 5300. MCX Natural Gas June futures have strong support at Rs 222 and resistance at Rs 227.

Intra-day traders should use sell on rise strategy for Natural gas considering major resistance as stop loss.

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MCX Copper: Resistance at 420 and 422 levels; support at 412 and 410 levels

MCX base metals opened mixed and LME futures were seen trading mixed. LME copper slightly advanced to near the highest level in more than a week amid a shut down at the world’s second-biggest mine and signs of improvement in manufacturing activity in China, the biggest consumer. 

MCX copper for June delivery is expected to trade positive. Resistance for the commodity is seen at 420 and 422 levels while support is seen at 412 and 410 levels. Support for MCX nickel is seen at 839 while 880 is the resistance. 

Overall trend in MCX base metals looks positive and intra-day traders may buy at lower levels.

Aluminium June MCX: Buy around 107.5 SL 106.5 TGT 109.5

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MCX Gold and Silver likely to trade sideways for the day

Outflows from investor holdings of Gold has slowed which supported prices of the commodity in international markets. MCX Gold and Silver futures contracts opened slightly negative following INR appreciation against USD this morning by 0.40%. 

MCX Gold and Silver are likely to trade sideways for the day. MCX Gold Aug futures has important support at Rs 26950 and resistance at Rs 27400 for the day. MCX silver July contract could trade in green zone with range bound moves with major support at Rs 43500 and resistance at Rs 44500.

US trade balance data is schedule for this evening expected to be positive for prices. Intra-day trades should wait and watch till evening before enter into short term trades.

Silver July MCX: Buy around 43900 SL 43500 TGT 44400

NCDEX Turmeric positive on short covering

Turmeric prices at India’s National Commodities and Derivative Exchange (NCDEX) witnessed a bullish phenomenon. Turmeric June is now trading around Rs 5750-5832 per qtl levels.

On Tuesday trade, turmeric rose to a high of 5832 Rs/qtl at 12.26 pm IST and is expected to trade positive in the near term. Support is at 5693, 5633 levels and resistance at 5817 & 5881, analyst said.

On daily charts, indicators were showing a positive phenomenon. RSI at 36.11 is bearish and stochastic level is at lower levels. The commodity is trading below the 20 day SMA at 5904 levels. 

Short covering and bulk buying has reflected prices. Monsoon forecast over Kerala coast may pressurize future prices. We expect NCDEX Turmeric to trade on bullish note 

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Jeera may remain stable 

Jeera futures (July) will possibly remain stable above 13100 levels. A weaker rupee may boost the export sentiments of the counter.

Chana futures (June) is expected to face resistance near 3250 levels. At the spot markets, chana offered down Rs 25-50 a quintal on weak demand in the interior markets of Maharashtra.

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