Commodity Tips For Today 18th January 2017

PRECIOUS METALS: Precious metals prices higher more than 1 percent to an eight-week high on yesterday as stocks and the US dollar fell after U.S. President-elect Donald Trump said the greenback was "too strong" and British Prime Minister Theresa May promised a parliamentary vote on Brexit.

ENERGY: Crude Oil prices are higher on Wednesday with a weaker dollar underpinning the market, although gains were limited by expectations that U.S. producers would boost output. Oil has drawn support from top crude exporter Saudi Arabia, which said it would adhere strictly to its commitment to cut output under the agreement between the Organization of the Petroleum Exporting Countries (OPEC) and other producers.

Crude Oil 
RESISTANCE2:3700 RESISTANCE1:3640
SUPPORT1:3530 SUPPORT2:3480

Copper (FEB) 
RESISTANCE2:402 RESISTANCE1:397
SUPPORT1:390 SUPPORT2:386

Market Update - Commodity Tips and Calls For Today

Stock Market opened on negative note on the back of weak Asian bourses but bounced back later. Realty and Metal sectors pulled the markets upward with 2% and 1.3% gains. IT sector is weak on the back of poor performance from HCL Tech and Infosys. Market Bias is positive with 1432 advances and 8432 declines on BSE.

The BSE Sensex is trading at 27284.35 up 46.29 points, while NSE Nifty is trading at 8408.4 up 8.05 points. A total of 39 stocks registered a fresh 52-week high in trade today, while 9 stocks touched a new 52-week low on the NSE.

The BSE Mid-cap Index is trading up 41 at 12680.93, whereas BSE Small-cap Index is trading up 68 points at 12758. Adani Port, Idea, Tata Steel, Zeel, Tata Motors are among the gainers, whereas HCL Tech, Infosys, Eicher Motors, Tech Mahindra are losing sheen on NSE. The INDIA VIX is trading at 15.0725 up 4.80%.

Commodity Tips

Gold
Resistance2: 29100 Resistance1: 28800
Support1: 28300 Support2: 28100

Silver (march)
Resistance2: 42200 Resistance1: 41700
Support1: 40700 Support2: 40400

CALL BUY: GOLD FEB ABOVE 28570 TARGETS 28720/28870 STOP LOSS 28400

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