Today India announced a growth figure for full year that fall to decade low of 5% that affect the Indian share and force it to trade in bearish side. Indian economy fight with high inflation and weak export demand that turn the GPD rate a lower side. While on other hand Indian currency touch a year low after a fourth consecutive day on Friday. Rupees slipped to 15 paise to 56.63 per dollar on the last day of month. Some correction might be seen in Indian currency in evening session at FOREX.
GOLD & SILVER
In commodity market the affect on GPD and weak currency are seen in afternoon, after opening from a good level gold and silver fall from a sharp position. Today at MCX gold price open on green side at 27176 against its last close and touch an intraday high of 27308 with a low of 27175. In evening a high swing is experience with increment in domestic market. Currently silver are trading low due to depreciation in Indian rupees, today at morning session it perform well after opening at 44377 with an intraday high of 44660 and low of 44203. In evening a higher movement will be seen due to strong open interest that supports the trend.
Base metal are showing a mixed reaction after opening a small lead from its last closes, MCX copper are trading in the range of 412 to 414 In the two session while some positive move are looking in evening session. Today it open at 414.70 and touched an intraday high of 416.10 with a intraday low of 412.75.
Nickel for June delivery trade in bullish side after open in green side, with a small correction of 841.40 at 2:51 pm. While MCX lead, zinc, and aluminum are trading with a both color with a slow pace. On evening trade all metal are expecting to show a green flag with an upside movement.
Crude oil trying to recover in domestic market but global cue pushes it back, in world market crude oil trading below $100 at 92.97 by losing 0.17%. MCX crude oil is open at 5290 down side with a negative trend on Friday morning; on intraday it touches a high of 5325 with a low of 5272. Currently crude support a strong downtrend but a s small correction in expected in evening session.
Similar trend is following by natural gas at MCX for future delivery. Today natural gas is open at 229.60 and supported a bearish trend and touches a low of 227.30. In trade natural gas is looking to same trend buy I think a small correction will surely see for June delivery.
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Buy gold above 27250 tgt 27300, 27350, 27400………sl 27100
Buy silver above 44300 tgt 44400, 44500, 44600………….sl 44000
Buy nickel above 842.50 tgt 844, 846, 850 ………………sl 836