Wednesday, 19 August 2015

Daily Commodity Market Report and News

MCX Sep Silver has resumed its privileged bearish trend by violating its rising trend line support at 35462 levels. It shed almost 1100 points in the past session at ended below 35000 mark levels. Today’s outlook remains weak and further fall can be possible towards 34230 & 33650 levels, where as a resistance resides at 35050 levels.


MCX Aug Cotton futures rose to as high as 16610 before making a temporary top there and turned the direction into weak mode by forming a “bearish engulfing” on daily charts. This signifies some short covering in the counter towards 16180 & 16020 levels. However, any rise on upside can be limited at 16450 levels. 

NCDEX Sep Chana futures strengthen further by provided a strong breakout from the falling trendline resistance at 4634 levels and ended at 4747 levels, up by 142 points. Further rally remains inline towards 4794 & 4850 levels. Hence, any fall can be utilized to accumulate longs at 4718 levels.

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