US Advance GDP and Commodity Market Tips

MCX Crude Commodity Market Trading as per the DoE, crude stocks increased for the fourth week due to persistently higher production in the US and the same was completely opposite of the earlier reports by the API which showed decline in Crude stocks in the US. US crude stocks gained by 2.06 million barrels for the week ended Oct 24, whereas negatively stocks at Cushing, the delivery point for WTI increased by 776,000 barrels, to its highest since June this year. In other cues, gasoline inventories fell by 1.24 million barrels, its lowest level since November 2012 while distillate supplies unexpectedly tumbled 5.3 million barrels, probably as refiners started rotating their utilization towards higher distillate supplies ahead of winter. Overall, we could say the data was mixed to moderately positive, however continuously rising supplies in the US casts a doubt on how far the commodity might gain after recording around 3% up move in last three trading sessions. Also we feel, rebound in the prices post the weekly inventory data released was cut back by appreciation of USD after the release of the FED meet outcome. This morning oil is seen trading at $81.64 down by 0.30%. We will have to be again cautious today. At this moment again turning bullish does not looks so much promising but we refrain from selling the counter on today. We have loads of data to be released today and the important one is US GDP. Any improvement in the data might support oil prices to trade again higher. We hold a small buying view on oil today with strict stop loss.

Global Market View: Finally the story ends with Zero dollar monthly bond buying by the Federal Reserve in the US while it stressed on improvements taking place in the labor market. Aftermath: The dollar shot up against most major currencies, Commodities especially gold fell down to $1208 and this morning it’s at $1213.50. Rest of the commodities was very much impulsive.We believe the impact would be continued to feel today as well while more volatility could be noticed. We will have to watch how equity markets, currencies and commodities perform today. At the local market in India, we are going to see a good gap up/down in most of the non-agro commodities prices. There are a few economic expected today while the US GDP number to be watched critically

MCX Natural Gas Markets expected probable lower additions in the NG stocks which pushed commodity higher for last two days whereas fresh cues came from the weather side added gains. The midday update of the government’s Global Forecast System showed a blast of cold air in the East later this week which will extend through next week, according to Jim Southard, meteorologist with Frontier Weather Inc and as reported by Bloomberg. On the inventory side, EIA might show stocks addition by 84 BCF as against 94 BCF last week. While we agree this is still higher than broad trend in last five years, modest buying in the commodity is acceptable after a big slide in last few weeks with weather related news too supporting. Intraday view remains buy though advice traders to refrain from any major carry forward positions as volatility may rise in coming sessions.

Commodity Market Tips

Sell Silver Dec Mcx below 38360 SL 38650 Tgt 37800

Buy Lead Oct Mcx above 124 SL 123.15 Tgt 125

FOMC Rate Decision and Commodity Trading Tips

MCX Crude Commodity Market Trading has no fresh developments with regards to the commodity from the international arena. Into the US though, consumer confidence seconded to a seven year high in October, hitting the 94.5 mark providing signs that consumers still stay positive about the prospects of the world’s largest economy. As per latest cues from the country, the private sector major API reported its inventory data wherein it said crude stocks fell by 3.2 million barrels, according to data from Bain Energy. As per estimates, the DoE report tonight might show crude supplies rose by 3.65 million barrels though product stocks are seen lower. Gasoline inventories fell 900,000 barrels whereas distillate stocks probably decline 1.4 million barrel making a largely even set of inventory data. Although the expectation suggest that the stocks may increase but by looking at the API number, we now possibly look for changing our stance and likely that stocks might not raise as much it is expected. So, if such data comes in the US then possibly oil may continue to gain today. We suggest buying oil from lower levels. The only risk to the buying trade would be how the USD performs today ahead of the Fed decision. So, our advice would remain to trade cautious with strict stop loss.

Global Market View for today, all the Asian equity markets are trading largely on positive note tracking the strong performance US equity markets on the back of improved earnings and a dovish FED. S&P 500 closed at 1985.05 up by 1.19 percent in yesterday’s session as investors were relieved from global growth anxiety after optimistic results. US markets were initially lower after the weak durable goods orders but this was offset by a more than expected rise in the US consumer confidence index to 94.5 from a previous level of 86.0.

Economic Data: No major economic data during market hours but all attention would be on the FED announcement that is due in the evening. We expect the FED to end its bond buying program and keep the interest rates unchanged. Coming to commodities, we saw bullion trading in the same confined range; oil rebounded a tad while base metals moved up except zinc while nickel exceptionally rose over 6 percentages. We shall now look at each sector in detail to understand the today’s outlook

MCX Natural Gas Commodity market Trading for today has no changes onto the weather related cues however as said, changes in the Inventory expectations and expiry of the Nov contract probably lead to shift of volumes and also fresh positions building which pushed the commodity smartly higher on Tuesday. The same thing can be seen from the fact that DEC contract gained at a better rate than Jan at NYMEX yesterday. While shorten view stays same, Natural Gas rebound has coincided with the fact that it was trading near oversold phase. Looking at the chart pattern it trade higher for one or two sessions so we recommend buying from lower levels with strict stop loss.

Commodity Trading Tips

Sell Silver Mcx Dec below 38350 SL 38550 Tgt 37850

Buy Natural gas Nov Mcx above 230 SL 228 Tgt 235

Durable Goods Orders and Commodity Market Tips

Crude Commodity Trading has Overall no major changes or developments in crude oil prices during the last few days with rising supplies and lower anticipated demand hurt prices. In fresh comments from OPEC, official from National Iranian Oil Co told the group might is unlikely to cut its production target in its meeting in the coming month. Separately, initial estimates for the weekly inventory report in the US shows probable addition in crude stocks to the tune of 3.8 million barrels to 381.5 million. We are not expecting any major support coming from product stocks, whereas refinery utilization rate after falling consistently in past week is seen stable. Over the short-term refinery run is seen declining amidst seasonal maintenance period going in the US. There are not other major developments with regards to the commodity, however weaker US economic data yesterday, concerns about probability of fake trade invoices in the recently published Chinese data and cautiousness ahead of FED meeting outcome tomorrow night (IST) is seen to be continuing to put weight on the commodity today. However, as we have been stating at several occasion the short covering at any point in time is still inevitable. Therefore, we suggest making only momentary trades on the bearish tone for the day.

Global Market View for today’s morning trade all the Asian equity markets are trading on a marginally positive note despite the US equity markets remained subdued yesterday. S&P 500 closed at 1961.63 down by 0.15percentage yesterday as investors were fazed by the falling oil prices, and the less than expected economic data from the US economy. In terms of currency, Asian currencies are trading on a mixed note with respect to the dollar. US dollar index has depreciated on Monday after the economic data while is currently trading close to 85.50. Euro and Pound have appreciated moderately with respect to the dollar hovering at 1.2710 and 1.6126 respectively.

Economic data that has been released from the Japanese markets has helped the Japanese yen to recoup some of the losses from yesterday’s session. There is no major economic data that is to be released during the Indian market hours; however, data from the US markets in the evening could have an impact on non-agro commodities during the evening session. From the US we have durable goods order which is expected to improve marginally. Later we have the Case Shiller house index, consumer confidence and the Richmond Fed manufacturing index.

Natural gas Commodity has no major developments as per the NG commodity is concerned with bias continuing on the negative side. Amidst fresh nature related cues, we saw moderate changes in the US weather wherein modestly cooler temperature in Far East and some parts of western US are seen taken over by warmer to normalized temperature for the coming 1-2 weeks. We held a range view in the commodity yesterday on expectations that cool breeze was building in the aforementioned region though the same reverted.

Commodity Market Tips

Sell Gold Mcx Dec below 27300 SL 27400 Tgt 27050

Buy Copper Mcx Nov above 414 SL 411 Tgt 418

US Flash Services PMI and Commodity Intraday Trading Tips

Gold Commodity market trading feel our view stands in the same line with Bullion expected to continue under perform, as confirmed in our weekly report. Equities trade upper and Dollar for the most part on a flat to positive note is likely to put downbeat demands on Gold. As of closing quote, we saw it was balanced near the $1232 per ounce blotch. Looking at other most important developments due in current week, the FED is expected to completely end its monthly bond-buying program in its meeting this Wednesday whereas positive cues from European banks which managed to pass the stress test also hurt Bullion commodity against its safe haven demand. ETF investments stay low with SPDR fund holdings sliding to fresh 6 year low. We maintain selling bias in the commodity today.

Global Market View as we come back post a big weekend holiday, Asian equity markets are trading on a mixed to positive note with recovery in US markets last week aid shore up. S&P 500 closed at 1964.58 up by 0.7percentage on Friday long-lasting its optimistic drive from the larger part of the week. Owing to a long holiday for the Indian financial markets, we have missed out on the global bounce back on the equity markets front that has been observed for the last few trading sessions. In terms of currency, Asian currencies are trading on a marginally positive note with respect to dollar. US dollar directory has remained assortment bounce in the last few days currently hovering near the 85.55 mark. Euro has respected slightly, at the same time as pound has depreciated with respect to the dollar as compared to Wednesday; and are currently trading at 1.2708 and 1.6105 respectively.

Economic data: EU and US to dominate with IFO Business climate survey from Germany in afternoon followed with Market Services/Composite PMI and Pending home sales from the US which might infuse good volatility in evening session

As stated above, we hold a nearly similar stance in silver commodity in intraday with bias largely seen bearish. On the major note, base metals are largely steady which might not lead to any extended pressure on the commodity though we feel moderately stable to better economic cues from EU and US due today evening may continue to cast negative shadow on the Bullion basket including silver commodity. We recommend selling the same on pullbacks today.

Commodity intraday Trading Tips

Sell Silver Mcx Dec below 38250 SL 38450 Tgt 37700

Buy Aluminum Mcx Oct above 119.80 SL 119 Tgt 121

CPI Ex Food, Energy and Commodity Trading Tips

Crude Commodity Trading as per major updates, API inventory number released early today morning showed rise in crude inventories by 1.2 million barrels, which was lower than markets estimates. Products did saw modest decline mainly the gasoline stocks which fell by 500,000 barrels through Oct 17, Bloomberg news showed. For more important DoE inventory data to be released today evening (IST), estimates call for a rise in crude stocks by 3 million barrels whereas products stocks are seen sliding with gasoline stockpiles likely fell by 1.45 million barrels. Total gasoline stocks in the US are seen diving down towards 204.2 Mln barrels, its lowest since November 2012. While rising crude stocks and moderate fall in products inventories even out each other, we are not expecting inventory numbers to be the major mover today. If we talk about other major developments, very strong increase in US equities which is driving similar gains in Asia is seen supporting the optimism in industrial commodities including oil. Herein yesterday’s better hinnies GDP number and firm US housing data is also seen supporting. Oil prices broadly are taking a pullback after last week sliding to multi-year lows and moving in a technically bear market territory as equated to 2014 highs. Though overall bias still stays weak, we feel it may see some more gains for a few sessions before the prior trend regains its hold back. For intraday, we recommend buying the commodity on small dips.

Global Market View: In today’s morning trade all the Asian equity markets are trading on a positive note tracking the positive close of the US equity markets. Markets globally have been gaining traction lately with anticipation that ECB stimulus would fuel excess liquidity in the financial system, compensating the vacuum created by the FED. S&P 500 closed at 1941.28 up by almost 2 percent yesterday buoyed by ECB expectations and better than expected results from Apple inc. SGX nifty is trading on a positive note up by 1 percent indicating a positive session before the markets close for the Diwali Holidays. In terms of currency, Asian currencies are trading on a marginally positive note with respect to the dollar. US dollar index has appreciated yesterday. Euro and Pound have depreciated with respect to the dollar, and are currently trading at 1.2724 and 1.6124 respectively. Economic data that is to be released from European union and Germany would play in major factor in the international currency markets, as speculation about further stimulus from the ECB has been driving that markets since yesterday. Any change from expectation towards the brighter side could change the trend in the European currency. From the US have the CPI number to be watched.

Though broader weather related updates remained same in the commodity we saw strong gains yesterday probably led by a technical pullback as also said yesterday after the commodity moved to 11 month lows in the earlier session yesterday. As we said earlier, Natural Gas weather said it is expecting cool air will sweep through Midwest and Northeast in the coming week driving moderate heating demand however rest of the US will be relatively comfortable with limited demand for heating or cooling for most part of the week. Inventory numbers too suggest additions which are likely to keep the overall trend still down. We maintain selling bias in the commodity.

Commodity Trading Tips

Buy Nickel Mcx Oct above 923 SL 910 Tgt 950

Sell Lead Mcx Oct below 123.50 SL 124.50 Tgt 122.50

Crude View and Commodity Intraday Trading Tips

Mcx Crude Commodity Market Trading broadly continues to be in a downward spiral however, both the benchmarks look oversold in the near-term as been specified yesterday as well. In other cues, the early morning data over China GDP may act some additional support to industrial commodities including oil. Chinese government data showed GDP rise by 7.3 percentage YoY against markets forecasts of an increase in the range of 7.2 percentages. Note that broader risk over the commodity remains due to continuously falling Brent as issues related to supply increasing from the OPEC stays higher, however positive equities and better Chinese gauge is seen providing some support to the WTI. In we look at that inventory data variable from the US, initial forecast call for moderate decline in product stocks whereas crude stocks might see extended decline. On a cumulative front, we feel it is better to look for only momentary trades in the commodity with bias seen marginally positive as per the WTI is concerned. Hence, we look for small dips to buy the commodity with strict stoploss.Crude oil internationally had a decently volatile session last day as the commodity, especially the US WTI recorded moderate gains during the larger part of Asian and European session, fell in the US trading hours before bouncing back from lows to close tad lower around the $81.90 per barrel mark for December expiry.

Global Market View: In today’s morning trade most of the Asian equity markets are trading on a mixed to positive note tracking the positive close of the US share markets and buoy by the GDP information from China that has been released this morning. Euro and Pound have appreciated marginally with respect to the dollar, and are currently trading at 1.2801 and 1.6161 respectively.

Major economic data for today; China GDP that came in positive, and in the evening we have the home sales data from the US markets, which could continue to support the market momentum.

Natural gas Commodity Trading weather is exp forecasting cool air will sweep through Midwest and Northeast in the coming week driving moderate heating demand however rest of the US will be relatively comfortable with limited demand for heating or cooling for most part of the week. if we look into updates from US CPC, most part of the country might see largely higher than normal temperature cutting down the demand for cooling and thus further pushing prices lower. However, technically as prices move to oversold territory, we advice selling only on pullbacks today. Natural gas for November expiry at NYMEX recorded good slump last day with the commodity taking cues over extended normalization in temperatures in most part of the US.

Commodity Intraday Trading Tips

Sell Copper Nov Mcx below 408.50 SL 411.50 Tgt 404.50

Buy Nickel Oct Mcx above 920 SL 908 Tgt 945

US DOE Crude stocks and Commodity Market Tips

Crude commodity market Trading overall bias stays bearish as supply side problems globally and cues over weaker set of inventory data from the US continues to haunt the broader trend for the commodity. However, we believe, markets face some risks as the commodity might give good pullback before sliding further. WTI has slumped around 10-12% in October, whereas other major developments in the likes of some cyclones formation around the gulf region in the US meanwhile Iraq and other countries calling for cut in OPEC output might support the commodity against fresh slump from these levels.

US faced the Hurricane Gonzalo last week, wherein the same moved towards Bermuda on Friday as a Category 4 storm with almost nil landfalls in the US. However, in case we get some changes in weather pattern in coming day’s it could act positively for Crude as oil refineries in Gulf coast make for around 40% of total refinery capacity and also the region is house to some decent oil exploration capacity. Secondly, we are having WTI November contract expiry on Tuesday which is surely seen producing some volatility in the commodity as also seen in the case with Brent on Thursday, this week. In fact the technical analysis is suggesting oil may rebound as the same has reached to an oversold phase. Also oil related equity stocks have plunged heavily globally so any interest for buying might also help the underlying to rebound. We recommend buying oil in intraday on small dips.Crude oil prices in the international and domestic markets recorded huge fall in the current week as well, with major oil benchmarks i.e. the Brt and the WTI moving further deep into bear market territory as supply side pressure continued whereas economic cues mainly in EU and China still remained a concern

Global Market View: Let us begin the week with a fresh note. The markets are mostly calm this morning. From the global currency front to equities and commodities most of them are trading steady. We have no major economic data today except a few like Germany PPI number and the Euro-zone Current account balance with no data from the US.

There are no major changes seen in NG as US EIA last week said NG stocks rose by 94 BCF in the week ending Oct 10, higher than market expectations of a drop around 91 BCF. Total working gas storage moved to 3.299 Trln CF with the deficit reducing down to the just 10% as compared to last 5 year average. Weather continues to take a big tool over prices. As per NatGasweather, cool air will sweep through Midwest and Northeast in the coming week driving moderate heating demand however rest of the US will be relatively comfortable with limited demand for heating or cooling for most part of the week. Overall we hold selling bias in the commodity on pullbacks

Commodity Market Tips

Sell Silver Mcx Dec below 38450 SL 38680 Tgt 37950

Buy Crude Mcx Nov above 5060 SL 5020 Tgt 5160

US building permits and Commodity Intraday tips

Mcx Gold commodity trading saw subdued market yesterday while we expect a soft session in today’s session as well. Rather than talking about individual performance, we feel we would better talk about group where possibly gold may continue to outperform silver on the positive side. As per the day’s view is concerned, $1250 maintains as a key a key resistance. In case the commodity is unable to mark any positive move above $1250, probably the preceding bearish trend may continue in the next week too. We have a ranged view in gold today. US housing data and mainly UoM consumer confidence data would be watched closely for Gold commodity today evening. Gold was little changed yesterday after marking decent gains the previous day, as traders awaited fresh triggers on economic or currency side. Comex Gold Dec closed lower by 0.3percentage to $1241 an ounce while traded in a bend $1235 to $1245 for the day. MCX Gold for Dec contract however advanced 0.7percentage to Rs 27450 per 10 Gms as we also adjusted with the changes on Wednesday when domestic markets were shut.

Global Markets continued to reel under pressure with high volatility across the globe. Asian markets are all trading deep in the red today. S&P 500 closed flat after a volatile session recouping most of the losses from early trade. SGX Nifty is trading on a positive note up by 50.00 points indicating a marginally positive opening for today’s session. US Dollar index had a subdued session yesterday as compared to the last few days and is currently trading at 84.93. Euro and Pound are trading at 1.2803 and 1.6086 respectively, appreciating marginally in yesterday’s session.

We maintain a near similar outlook as with the case with gold though feel modest set of bearishness could be seen supported by negative trend in the industrial metals complex. So, finally we could either sell silver today or recommend a ratio trade where in gold should be a buy. We have the Indian rupee which has appreciated a tad this morning so possibly losses may be more in the local market. Silver too traded in a ranged manner wherein the commodity finally shut shop lower by 0.15percentage to $17.44. MCX Silver Dec on the other side added 0.3percentage yesterday adjusting with movement in Rupee and International markets on Wednesday

Crude commodity trading stocks as reported by the DoE rose by 8.92 million barrels to 370.6 million for the week ended Oct 10, as imports increased where oil output in the US continued to rise. US refinery utilization rate fell by 1.2percentage to 88.1percentage marking a further lower performance for the overall inventory and one of the major reasons behind good rise in crude stocks. In products, gasoline stocks tumbled 4 million barrels with consumption of the motor fuel rising by 1percentage to 8.78 MBPD during the past four weeks, probably prompted by largely lower prices for US gasoline. Distillate stocks too fell however largely the inventory numbers continued to portray negativism. However, when US inventory data came so much negative one of the major reasons behind yesterday’s advance could be linked to strong gains in Dec month Brent and also prices moving lower to sharply lower to oversold phase. Note that overall trend has been straight bearish especially the OPEC countries are still held off from making any supply cut. Overall our bearish stance would remain wherein on a technical aspect; we are revising our medium-term targets from $83 to $77. On that regard, yesterday’s recovery in the prices is good to take fresh short positions. This morning, oil is seen trading at $83.09 up by 0.48percentage wherein we recommend selling from higher levels.

Global Markets continued to reel under pressure in highly volatile sessions across the globe. Asian markets are all trading deep in the red in today’s session. S&P 500 closed flat after a volatile session recouping most of the losses from early trade. SGX Nifty is trading on a positive note up by 50.00 points indicating a marginally positive opening for today’s session. US Dollar index had a subdued session yesterday as compared to the last few days and is currently trading at 84.93. Euro and Pound are trading at 1.2803 and 1.6086 respectively, appreciating marginally in yesterday’s session.

Economic data: No major economic data to be released today. Housing data from the US markets in the evening are expected to improve, and if they do could support the markets in the evening session.

Commodity Intraday Trading Tips

Sell Silver Mcx Dec below 38650 SL 39050 Tgt 39350

Sell Copper Mcx Nov below 410.50 SL 413 Tgt 405

NAHB Housing Market Index and Commodity Trading Tips

Mcx Crude commodity market Trading (WTI) is extending its fall today morning with the commodity sliding to its weakest in over 2 years as expectations rise over likely disappointing inventory report from the US whereas global glut has already pushed major oil benchmarks into bear market. Oil futures were lower over 1percentage currently as news reports showed US crude stockpiles jumped 10.2 million barrels last week as per data from the American Petroleum Institute. They are expected to increase by 2.45 million barrels last week as per Bloomberg survey after last week’s increase of around 5.02 million barrel. Looking at the API data though, traders should be ready for disappointment wherein we feel refinery utilization too continuing to decline in the US amidst schedule maintenance period for refiners between September and October. Overall, looking at the equity performance, poor economic data while higher supply number coming in from API would continue to weigh on the commodity. We suggest selling from higher levels for the day.

Global Market View weakness in the Global financial markets in the last few days continued to affect the Asian bourses with all of them trading deep in the red in today’s session. S&P 500 closed at 1862.49 down by 0.80percentage yesterday after disappointing US retail sales, and wholesale pricing data added to growth concerns. SGX Nifty is trading on a negative note down by 75.00 points indicating a negative opening for today’s session. Dollar index has plummeted after the US data. US Dollar index has dropped from a level of 85.76, and is currently trading at 84.80. Euro and Pound jumped heavily, currently trading at 1.2832 and 1.5993 respectively. In terms of currency, Asian currencies are trading on a marginally positive note with respect to the dollar.

Economic data: Major data to be watched out for the day.CPI data from the European Union, where the month on month increase of 0.3percentage is expected by markets, and CPI YoY and CPI core are expected to remain unchanged at 0.3 and 0.7 percent respectively

Mcx Natural gas commodity for November expiry at NYMEX advanced around 1.5percentage on Tuesday tracking changes in weather forecast which suggested probability on some cooler weather in US East. However we maintained a ranged view as broader count on the commodity stayed bearish whereas we were cautious over frequent changes in weather. As of latest cues, temperatures are seen to be normal or higher across most of the country from Oct 25 to Oct 29, replacing below-average temperatures along the East Coast, according to Commodity Weather Group LLC. Additionally, inventory data might show additions of around 91 BCF, lower than prior week though marking continuous increase for over 6 months cumulatively continuing with the bearish bias. We maintain sell in NG today Natural gas for November expiry at NYMEX fell 0.4 percentage yesterday following updated climate forecast which showed largely warmer weather in most part of the US. NYG NYMEX prices fell 0.4percentage yesterday to $3.80 per MMBTU wherein we saw good drop in Tuesday as well.

Commodity Market Tips

Sell Crude Mcx Oct below 5020 SL 5080 Tgt 4900

Sell Natural gas Mcx Oct below 233.50 SL 236.50 Tgt 228.50

NFIB Small Business Optimism and Commodity Tips

Mcx Gold commodity trading this morning once again Gold is trading higher to $1234.50, up by 0.35percentage wherein we feel lower USDX and call that US Fed may delay raising rates amidst slowing global growth is helping Bullion. Nevertheless, as also said yesterday if we look at the demand side, no major positivity is noticed as investment demand is just callously declining. Today, we have to seek guidance of USD especially when no major economic data are expected. At this moment especially when the safe-haven euphoria is pushing precious metals higher, Euro too trading higher and we suggesting a sell on bullion could go wrong. However, we may relate to weak economic cues from UK and EU today which might once again turn negative and indirectly put pressure on Euro and later on Gold. On the whole we may see a mixed trend today so recommend making only intraday trades. Technically $1244 would be a crucial point to watch and should be kept as SL in short positions. Gold commodity traded in a ranged manner after opening with strong gap-up yesterday.Comex Gold at electronic session finished higher by 0.7percentage to $1230 however, the same was lower than its opening rate at $1238 an ounce. Gold active Dec contract at MCX closed little changed with prices standing at 27111 per 10 Grams, wherein probably rupee movement capped gains locally

Global Market View Today morning, all the Asian markets are trading on a mixed to positive note despite the sharp selloff in the US markets overnight. S&P 500 closed at 1874.74 down by 1.65percentage as markets continue to reel under the uncertainty about the Global growth prospects. SGX Nifty is trading on a negative note down by 20.00 points after the spectacular bounce back from yesterday’s low. Dollar index has continued to trade lower yesterday against most of its trading partners. US dollar index was currently trading at 85.29, bouncing back from a earlier low of 85.15. Euro and Pound on the other side added to 1.2726 and 1.6074 respectively.

Today’s Economic Data: UK- CPI & PPI, Germany: ZEW survey numbers and from the US NFIB small business optimism. Precisely, for the past three to four sessions, especially when the USD index has declined a tad most of the assets have been moving in a ranged manner

Mcx Silver commodity trading market also hold a similar view as other than broader cues over USDX, equities sliding and cues from the Fed, there are no major changes seen in very short-term. We maintain selling bias in the commodity while we believe, as our view in base metals too stay heterogeneous to bearish, probably once again silver would underperform gold and thus whitish metal would be seen as better bet on the selling side today. Silver is standing on similar lines s in case with gold wherein commodity closed higher by 0.25percentage yesterday, lower from its intraday highs. Silver locally at MCX though finished weaker by 0.45percentage to Rs 38335 per 10 Kg, thanks to the Rupee affect

Commodity Market Tips

Sell Mcx Silver Dec below 38560 SL 38820 Tgt 37950

Sell Mcx Gold Dec below 27030 SL 27120 Tgt 26850