DAILY TRADING NOTE (25th April 2012) devang visaria

Market Review & Outlook

Precious Metals
Gold opened the session with a positive gap and registered an intraday high of Rs 28944 levels and corrected from these levels to an intraday low of Rs 28807 levels and finally closed the session at `28873 levels. Rs 28950 – Rs 29000 levels is stiff resistance for gold in the near term.

Silver closed the session on a positive note to close the session at Rs 55697 levels. Silver closed below its key near term moving average placed at `56061 levels on the daily chart. Sustenance below the same the will see the silver declining further to Rs 55500 - Rs 55000 levels for an upcoming session.

Base Metals & Energy

Copper opened the session on a positive note and corrected to an intraday low of Rs423 levels and rallied smartly from these levels to an intraday high of Rs 427.85 levels and finally closed the session at`426.65 levels. Sustenance above the Rs 426 levels will see the copper price head towards Rs 432 – Rs 434 levels. Lead closed the session on a positive note whereas zinc & nickel were closed on negative note.

Crude opened the session on a positive note and rallied smartly to an intraday high of Rs 5502 levels but failed to sustain at higher levels and finally closed the session at Rs 5463 levels. `5380 is strong support levels for crude oil in the near term.

Morning Technical Levels for Metals and Energy

NCDEX MUSTARD SEED MAY `3877.00

Traders can sell 50% at current levels and again on rallies to 3915—3930 levels with a stop loss placed above ` 3966 levels for downside targets of ` 3810/ ` 3750 levels.

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STER FUT CMP110.8 TAKE FULL PROFITS ON OUR LONG CALL INITIATED@110 LEVELS.BPP DONE@ 111.85 LEVELS.

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HDIL FUT CMP---89.3 TAKE FULL PROFITS ON OUR INTRADAY LONG CALL INITIATED @ 88.4 LEVELS.

ASHOK LEYFUT CMP-30.80 TAKE FULL PROFITS ON OUR LONG CALL INITIATED @ 29.65LEVELS.

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