Gold opened the session on a negative note and registered an intraday low Rs 28748 levels since then recovered smartly from day’s low to an intraday high of 28937 levels and finally closed the session at Rs 28902 levels. Rs 28800 is strong support levels for gold in the near term. Sustenance above the same will see the gold price heading towards Rs 29200 – Rs 29300 levels.
Silver traded the session on a positive note to close the session at Rs 54426 levels.
Rs 53800 – Rs 54000 is good support levels for silver in the near term. Sustenance
above the 53800 levels will see the silver price heading towards Rs 55300 – Rs 55500 levels.
Base Metals & Energy
Lead opened the session on a flat note and corrected to an intraday low of Rs 107.45 levels and finally closed the session at Rs 107.7 levels. Rs 108.5 – Rs 108.7 is stiff resistance for lead in the near term. Failed to close above the same will see the lead price declining further to Rs 106 – Rs 105 levels.
Copper traded the session on a negative note to close the session at Rs 423.35 levels.
Copper is trading below its near term and short term moving average on the daily chart.
Copper is likely to trade with a negative bias and declining further to Rs 420 – Rs 418 levels.
Crude oil opened the session negative note and corrected to an intraday low of Rs5047
levels and finally closed the session at Rs 5056 levels. Rs 5030 is good support levels for
crude oil in the near term. A close below the Rs 5030 levels will see the crude oil declining
further to Rs 4950 – Rs 4930 levels.
MCX ZINC MAY Rs105
We recommend traders to buy above 105.3 levels with a stop loss placed below Rs 104.25
levels for upside targets of Rs 106.5/ Rs 107 levels.
Stock market tips and report 28 may 2012 provided by devang visaria.