Tuesday, 31 March 2020
TIME 9:04 AM IST
MCX METALS MARKET REPORT – stay indoor, maintain social distancing
It is not easy to trade in MCX futures when we miss out on USA session. We can only be happen that MCX and its associates and MCX brokers have taken the pain to ensure that MCX is open. These are testing times for the world. One can still make a small profit in day trading till MCX gets full timing. Limit the numbers of daily trades if you get a small profit. Crude oil may have formed a medium term bottom yesterday. Copper, zinc and lead all have formed long term bottom in March. Only risk to long term bullish view of industrial metals is corona virus relentlessly spreading till June all over the world. However in the immediate few week, I am not sure if rallies in industrial metals are bearish markets rallies or a trend reversal to bullish. Silver has also formed a long term bottom in March. Gold will be volatile.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 75.3950: There will be position squaring and rebuilding for Friday. Currency futures and forex markets are closed on 1st April, 2nd April and 6th April. Lots of holidays for forex markets. Intraday volatility will rise. Crash will there below 75.3075 to 75.1950 and 74.6050. Trend is down as long as rupee trades below 75.8550.
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Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading. Websitewww.insigniaconsultants.in. Prepared by Chintan Karnani
Disclosure: Members, employees, directors, clients and all other people associated with “Insignia consultants” do trade in MCX metals and energies. They may or may not have positions on the trading strategies mentioned in this report. They may also have open positions in MCX metals and energies futures in trading strategies other than those mentioned in this report.
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NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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