TopNews

Nickel yesterday traded with the negative node and settled -0.89% down at 1175.6 due to reduced offtake by speculators, driven by weakness on copper and other base metals at the London Metal Exchange. Some pressure had been seen from the LME stock also which came up by 1464mt, the total stock at LME is now at 137766mt. In yesterday's trading session nickel has touched the low of 1167.5 after opening at 1184.5, and finally settled at 1175.6. For today's session market is looking to take support at 1167.2, a break below could see a test of 1158.9 and where as resistance is now likely to be seen at 1184.2, a move above could see prices testing 1192.9.

Zinc yesterday traded with the negative node and settled -0.54% down at 111.25 weighed

Copper declined on concerns about a slowdown in demand as China takes steps to cool its economy and Europe’s debt crisis persists. Uncertainties about China’s demand this year are taking some of the optimism about a shortage this year out of the market. Copper has touched a low of Rs 441.6 a kg after opening at Rs 445.85, and last traded at Rs443.For today market is looking for the support at 441.1, a break below could see a test of 439.2 and where as resistance is now likely to be seen at 445.4, a move above could see prices testing 447.7.

Copper trading range is 439.2-447.7.

Copper declined on concerns about a slowdown in demand

Crude hovered above $91 a barrel after a slight rise late last week on the back of strength in U.S. equities. No OPEC countries have requested an emergency meeting to discuss the rising price of crude, Iran's oil minister said on Sunday, calling $100 per barrel a "real" price and not a matter of concern for producers. Global oil prices have risen too high too quickly but increased OPEC output will not stem the rise as the climb is driven by demand. Now support for the crude is seen at 4140 and below could see a test of 4130. Resistance is now likely to be seen at 4161, a move above could see prices testing 4172.

Trading Ideas:

Silver prices continued to decline due to consistent selling from stockists and speculators as well as subdued industrial demand amidst bearish overseas trend. Now technically market is trading in the range as RSI for 18days is currently indicating 46.19, where as 50DMA is at 43978.32 and silver is trading below the same and getting support at 43420 and below could see a test of 43130 level, And resistance is now likely to be seen at 44015, a move above could see prices testing 44320.

Trading Ideas:

Silver trading range is 43130-44320.

Silver prices continued to decline due to consistent selling

Gold steady retaining small gains from the previous session, as investors watched for the latest news on the euro zone's solutions to its debt crisis, as strength in the dollar weighed. Gold is set to rise this year, but may struggle to replicate last year's stellar performance as the euro zone debt crisis recedes and authorities around the world start to look towards tightening monetary policy. Now support for the gold MCX is seen at 20245 and below could see a test of 20197. Resistance is now likely to be seen at 20331, a move above could see prices testing 20369.

Trading Ideas:

Gold trading range is 20197-20369.