Yesterday again we have seen a decent buying seen in all base metals which indicates that some more upside is on the cards. Although volume is increasing but open interest is being split within this month and next month due to expiry approaching. That might be the reason why we dont see the OI bumping up for this month. As mentioned yesterday Lead data was strong so it rose well, also suggested buy position in Zinc above 75.85 for 2 Rs gain which we got intraday. Also suggested Aluminium to go long above 79.8 for targets of 82/84. Copper inspite of the rise advised clients to do a short at 249 levels and which gave 2-3 points intraday.
As mentioned Crude also has taken stiff resistance at 3392 entire day and fell down 25-30 rs a couple of times and finally broke out above this level. Given long call for 3440/3480. Closed almost at days high.
Although Silver is not supporting but Gold is almost at its resistance of $943. Above $945 we can see some good upside for $12-16. In INR as long as Gold is trading above 14521 its good for longs. Head & Shoulder pattern has given $32 as profits but could not gave entire $43 as profits. Silver is yet to show some strength. The real strength is above 22800-22900 zone.
Yesterday some buying emerged in Natural Gas on lower levels which has pulled it up. However the overall momentum is still down and strength is not there. Also trend is not clear so it would trade volatile.
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