aaj ka trend 24.11.14
TRANSCRIPT
24th Nov’14 Aaj Ka Trend
Bullions
MCX Gold Dec Daily Chart
Technical View: Range bound movement continues as MCX Gold prices remain below the mentioned retracement level. Initially prices moved lower but closed on a flat to positive note. We continue with our stance that as long as mentioned retracement level is capped on higher side prices would remain under pressure. On hourly chart, RSI remained below 60 levels. MCX Silver Dec Daily Chart Technical View: Prices are trading below its multiple resistance of 36550-36600 levels. Failure to breach the mentioned level could give 500-800 Rs. Down move from current levels while breach of 36600 levels could move prices higher near 37800 levels. On COMEX Silver 16.70$ remains crucial resistance for prices.
24th Nov’14 Aaj Ka Trend
Fundamental News:
Gold futures rise but gains limited by dollar strength.
Gold prices were higher on Friday, but gains were expected to remain limited as demand for the U.S. dollar remained broadly supported after mostly positive U.S. data and the Federal Reserve's most recent meeting minutes.
On the Comex division of the New York Mercantile Exchange, gold for December delivery traded at $1,194.50 a troy ounce during European morning trade, up 0.30%.
Pivot Levels for the Day:
S1 S2 S3 Pivot R1 R2 R3
Gold 26347 26231 25980 26482 26598 26733 26984
Silver 35584 35349 34831 35867 36102 36385 36903
Recommendation:
Gold
Neutral to negative
Silver
Neutral
24th Nov’14 Aaj Ka Trend
Base Metals
MCX Copper Nov Hourly Chart
Technical Views: As mentioned in our previous report, ‘We now expect prices could head towards higher side in order to test higher band of the consolidation. 410 remains support for the test of 418’. Prices tested the upper band and made its intraday high of 418.15 and drifted lower near lower band. We now expect breach of 411 could drift prices towards 408/406 levels. while failure to breach the lower band could head prices towards 413/415 levels.
MCX Aluminum Nov Hourly Chart
MCX Lead Nov Hourly Chart
MCX Nickel Nov Daily Chart
MCX Zinc Nov Hourly Chart
24th Nov’14 Aaj Ka Trend
Fundamental News:
Copper futures advanced to a three-week high Friday after an interest-rate cut by China bolstered
hopes that the country’s copper consumption will increase alongside its economic growth.
Copper prices rallied to $3.0775 a pound, their highest level since Oct. 31, while stocks and the
dollar also marched higher.
Lower interest rates make people borrow more money, buy more houses, take on more risk.
Pivot Levels for the Day:
S1 S2 S3 Pivot R1 R2 R3
Copper 409.9 407.3 401.3 413.2 415.9 419.2 425.1
Aluminum 125.5 124.5 122.9 126.1 127.1 127.7 129.3
Lead 125.3 124.6 123.4 125.8 126.5 127.0 128.2
Nickel 996.1 985.7 964.9 1006.5 1016.9 1027.3 1048.1
Zinc 138.5 138.1 137.0 139.2 139.6 140.3 141.4
Recommendation:
Copper
Sell Below 411
Aluminum
Buy
Lead
Buy
Nickel
Buy
Zinc
Buy
24th Nov’14 Aaj Ka Trend
Energy
MCX Crude Dec Hourly Chart:
Technical Views: Prices moved higher achieving our both the short term target and drifted lower after moving above 4800 levels. Outlook remains neutral for prices as prices are trading near the crucial level of 4700 levels. breach of this level decisively could drift prices towards 4630 levels while failure to breach the level could head higher for the test of 4800 levels again. MCX Natural Gas Nov Hourly Chart: Technical Views: Prices spiked higher negating our short term view but failed to breach the multiple resistance of 278 and drifted lower. Breach of the uptrend line would suggest weakness is still intact in natural gas prices for the test 257 levels. The momentum indicator, RSI remained near 40 levels.
24th Nov’14 Aaj Ka Trend
Fundamental News:
Crude oil rallies as U.S. data continues to support.
Crude oil futures rallied on Friday, as data on Thursday showing that manufacturing activity in the
Philadelphia-region expanded at the fastest rate since December 1993 in November continued to
support the commodity.
On the New York Mercantile Exchange, U.S. crude oil for delivery in January jumped $1.32 or 1.75% to trade at $77.18 a barrel during European early afternoon trade.
Natural gas shoots up on bullish supply report.
Natural gas futures jumped up on Thursday after data revealed U.S. inventories dropped more last week than markets were expecting.
Pivot Levels for the Day:
S1 S2 S3 Pivot R1 R2 R3
Crude 4637 4595 4519 4671 4713 4747 4823
Natural Gas
192.1 220.7 205.9 235.5 206.9 250.3 265.1
Recommendation:
Crude
Buy
Natural Gas
Sell
24th Nov’14 Aaj Ka Trend
Sumeet Bagadia (Associate Director) [email protected]
Ritesh Patel (Research Associate) [email protected]
Deveya Gaglani (Research Advisor) [email protected]
For Private Circulation Only Website: www.choiceindia.com
https://twitter.com/ChoiceBroking
http://www.slideshare.net/choiceindiabroking
https://www.youtube.com/user/ChoiceBroking
https://plus.google.com/115293033595831069270/posts
https://www.facebook.com/pages/Choice-Equity-Broking-Pvt-Ltd/352491718249644
https://www.linkedin.com/company/choice-international-limited?trk=parent_company_logo
24th Nov’14 Aaj Ka Trend
This is solely for information of clients of Choice Broking and does not construe to be an
investment advice. It is also not intended as an offer or solicitation for the purchase and sale of any
financial instruments. Any action taken by you on the basis of the information contained herein is
your responsibility alone and Choice Broking its subsidiaries or its employees or associates will not
be liable in any manner for the consequences of such action taken by you. We have exercised due
diligence in checking the correctness and authenticity of the information contained in this
recommendation, but Choice Broking or any of its subsidiaries or associates or employees shall not
be in any way responsible for any loss or damage that may arise to any person from any
inadvertent error in the information contained in this recommendation or any action taken on
basis of this information. Technical analysis studies market psychology, price patterns and volume
levels. It is used to forecast future price and market movements. Technical analysis is
complementary to fundamental analysis and news sources. The recommendations issued herewith
might be contrary to recommendations issued by Choice Broking in the company research
undertaken as the recommendations stated in this report is derived purely from technical analysis.
Choice Broking has based this document on information obtained from sources it believes to be
reliable but which it has not independently verified; Choice Broking makes no guarantee,
representation or warranty and accepts no responsibility or liability as to its accuracy or
completeness. The opinions contained within the report are based upon publicly available
information at the time of publication and are subject to change without notice. The information
and any disclosures provided herein are in summary form and have been prepared for
informational purposes. The recommendations and suggested price levels are intended purely for
trading purposes. The recommendations are valid for the day of the report however trading trends
and volumes might vary substantially on an intraday basis and the recommendations may be
subject to change. The information and any disclosures provided herein may be considered
confidential. Any use, distribution, modification, copying, forwarding or disclosure by any person is
strictly prohibited. The information and any disclosures provided herein do not constitute a
solicitation or offer to purchase or sell any security or other financial product or instrument. The
current performance may be unaudited. Past performance does not guarantee future returns.
There can be no assurance that investments will achieve any targeted rates of return, and there is
no guarantee against the loss of your entire investment.
POTENTIAL CONFLICT OF INTEREST DISCLOSURE (as on date of report) Disclosure of interest
statement – • Analyst interest of the stock /Instrument(s): - No. • Firm interest of the stock /
Instrument (s): - No.
Disclaimer