COPPER (FEB) – Copper is likely to trade with negative bias during the morning session on Thursday, 16th February as renewed worries over the Greece second bailout which was delayed conspired with the with Moody's warning that it could downgrade the credit rating of 17 global banks and securities firms dampening the sentiment. Copper is likely to find support at Rs. 410 per kg and Rs. 406 per kg and resistance at Rs. 421 per kg and Rs. 425 per kg. Expected resistance and support level for today trade are as follows:
SUPPORT 1: 410.55
SUPPORT 2: 406.65
RESISTANCE 1: 421.45
RESISTANCE 2: 425.85
CRUDE OIL (FEB) – Crude oil prices are also expected to trade higher but sharp gains will be capped if the weekly inventories rise as per expectations. Expected resistance and support levels for the crude Dec contract with expiry date of 20 FEB 2012 are:
SUPPORT 1: 4965
SUPPORT 2: 4905
RESISTANCE 1: 5075
RESISTANCE 2: 5135
GOLD (APR) - On account of dollar weakness and high risk appetite, we expect precious metals and base metals to trade on an upbeat note today. Resistance and support levels for the today’s session for Gold FEB contract which will expire on 5th april 2012 are:
SUPPORT 1: 27995
SUPPORT 2: 27775
RESISTANCE 1: 28375
RESISTANCE 2: 28585
SUPPORT 1: 56250
SUPPORT 2: 56145
RESISTANCE 1: 56475
RESISTANCE 2: 56595
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