MCX Gold costs have been buying and selling in a consolidation vary for the previous few days. The transferring common crossover on the each day chart is proscribing the costs from breaking above the latest highs. The extent of Rs 49,900 will act as key resistance on a closing foundation. The costs are prone to consolidate decrease so long as they don’t cross this stage on a closing foundation. A ‘promote’ is advisable on gold (Feb) within the vary of Rs 49,200-49,300 for a goal of Rs 48,500-48,000 with a cease loss above Rs 49,900.

(Analysts: NS Ramaswamy, Head of Commodities, Ventura Securities)

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Crude Oil costs have been consolidating in a slim vary for the previous couple of days. On the draw back, the important thing help is at Rs 3,740, which is the 20-DMA stage. Any dip within the costs can be utilized as a shopping for alternative this week. A ‘purchase’ is advisable on crude oil (Feb) within the vary of Rs 3,800-3,750 for a goal of Rs 3,950-4,000 with a cease loss beneath Rs 3,650.

(Analysts: NS Ramaswamy, Head of Commodities, Ventura Securities)

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Copper costs have been hovering close to the 20-MA stage on the each day charts for the previous few buying and selling classes, which is now positioned close to Rs 609. The costs want to verify the robust closing stage in both path to verify the subsequent leg of motion. With the medium-term pattern being bullish, the costs are prone to break on the upper facet solely. A ‘purchase’ is advisable on copper (Feb) above Rs 620 for a goal of Rs 635-645 with a cease loss beneath Rs 605.

(Analysts: NS Ramaswamy, Head of Commodities, Ventura Securities)

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Technically, NCDEX guar gum has damaged above 100-EMA stage on the each day chart, and is sustaining above that stage, which is now positioned close to Rs 6,100. Additionally, on the weekly chart, the costs have damaged above the pattern line, which suggests the contemporary begin of an upmove. A ‘purchase’ is advisable on guar gum (Feb) within the vary of Rs 6,350-6,320 for a goal worth of Rs 6,650/6,800 with a cease loss beneath Rs 6,050.

(Analysts: NS Ramaswamy, Head of Commodities, Ventura Securities)

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This week, merchants ought to go for a ‘purchase on dips’ technique in silver the place one ought to search for entry round Rs 65,400-65,600 for a goal of Rs 68,500 with a cease loss round Rs 64,400. The degrees of Rs 64,800-65,000 will proceed to be essential and subsequently, there shall be loads of consumers getting into at these costs. If the market can break the Rs 67,800 mark, it’s prone to go larger.

(Analyst: Kshitij Purohit, Lead Commodity & Forex at CapitalVia International Analysis)

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Pure fuel has traded decrease after hitting the Rs 195 mark, and there’s robust help at Rs 185, which is its 200-weekly transferring common. In keeping with the Nationwide Oceanic Atmospheric Administration, the climate is anticipated to be hotter than regular all through the midwest for the subsequent 6-10 and 8-14 days, a interval which might be marked with much less demand and volumes in fuel. This week, merchants ought to maintain an eye fixed across the help stage of Rs 187 for shorting pure fuel. Merchants should observe a cease lack of Rs 196 for a goal of Rs 172.

(Analyst: Kshitij Purohit, Lead Commodity & Forex at CapitalVia International Analysis)

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Nickel costs are approaching the $20,000/t stage, which is required to stimulate funding in new manufacturing. Again dwelling, MCX Nickel has given a closing on excessive as a doji candle on the weekly charts. MCX Nickel has bounced again from the help of Rs 1,305 and maintained to shut above Rs 1,325 final week. The rapid help is at 15-SMA on the hourly chart, positioned at Rs 1,318. Technically, merchants ought to look ahead for a sell-on-rise technique the place some promoting alternatives could also be discovered from the earlier week’s excessive round Rs 1,335-1,330. The goal must be round Rs 1,265-1,262.50, whereas one should keep a cease loss above Rs 1,341.

(Analyst: Kshitij Purohit, Lead Commodity & Forex at CapitalVia International Analysis)

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Zinc has bounced again from the essential stage of Rs 211 on Friday, and managed to settle above Rs 215 final week. Technically, zinc traded within the vary of Rs 214-220 within the earlier week, and is making decrease low and decrease excessive candlestick patterns on a weekly foundation. Additionally, it gave a weekly closing beneath the 50-day SMA. Merchants ought to take a look at any promoting alternative from larger ranges this week. The optimum vary to promote shall be round Rs 218.50. A cease loss round Rs 225.70 is suggested, with an goal for the subsequent goal beneath the November’s low of Rs 201.50.

(Analyst: Kshitij Purohit, Lead Commodity & Forex at CapitalVia International Analysis)

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Lead futures have consolidated fairly a bit final, with a rangebound momentum between Rs 163 and Rs 166. It bounced again from the Rs 165 mark previously couple of classes, and managed to shut on a better be aware at Rs 166.95 final week. On the weekly charts, the lead February contract has made a higher-high closing for a fourth straight week. This week, merchants ought to go for a ‘buy-on-dips’ alternative from the extent of Rs 162.75-163.25, and goal for a goal above Rs 167.75 with a cease loss beneath Rs 159.

(Analyst: Kshitij Purohit, Lead Commodity & Forex at CapitalVia International Analysis)

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Aluminum is buying and selling on a sideways-to-negative be aware after taking resistance of its Rs 50-day SMA, which positioned at Rs 164.50. Total, weak spot within the steel pack and worries on the lockdown entrance will result in aluminium following the identical pattern. Sturdy help on the draw back is at Rs 157 and Rs 155. Resistance for the steel is at Rs 167 and Rs 170. For this week, merchants ought to look ahead for a ‘promote on excessive’ alternative. Ultimate promoting positions must be initiated between the vary of Rs 163.50 and 164, and one might goal for a goal above Rs 156 with a cease loss round Rs 168.

(Analyst: Kshitij Purohit, Lead Commodity & Forex at CapitalVia International Analysis)

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