Wednesday, July 29, 2009

Market view for 29th July

As I said that its time to stay cautious in base metals because all of them were in overbought zone and a correction was due. We have seen some sign of correction/profit booking yesterday in all the counters. We can still see more downside now. Also expiry is coming near so we may see some volatile moves so trade cautiously.

Crude also can show some more short term selling. We may see it coming down to 3115 levels.

Gold & Silver also in short term sell more. Yesterday informed clients on the very first sign and intraday got decent profits in both the counters.

Natural Gas seems to have entered a new downtrend. More fall to be witnessed.

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