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Daily change & technical levels Scrip Close Change (%) R2 R1 Pivot S1 S2 GOLD 40644 0.73 40979 40811 40557 40389 40135 SILVER 46106 -0.25 46649 46377 46124 45852 45599 CRUDE 3617 -0.36 3711 3664 3626 3579 3541 NG 134.20 -1.03 138.50 136.30 134.20 132.00 129.90 ALUMINI 137.85 -0.54 140.50 139.20 137.90 136.60 135.30 COPPER 430.90 -1.06 436.70 433.80 432.10 429.20 427.50 LEADMINI 144.65 -0.92 146.80 145.70 145.10 144.00 143.40 NICKEL 940.70 -1.71 971.80 956.30 946.60 931.10 896.20 ZINCMINI 169.85 -1.36 173.80 171.80 170.70 168.70 167.60 DIAMOND 3581.90 0.47 3589.50 3577.40 3571.10 3559.00 3552.80 STEELLONG 31930 0.25 32170 32050 31950 31830 31730   Comex division Bullions Last close Change (%) Gold $1573.90  0.25 Silver $17.68  -0.76   Base metal inventory Scrip Inventory Change Alumni 1242950 -14800 Copper 171525 -3275 Lead 66800 +75 Nickel 203946 +3522 Zinc 62675 +9725 BULLION Gold and silver hold key support levels amid fears of coronavirus; strong dollar limits gain. Trend volatile. Review On Friday, gold and silver prices settled on a mixed note in international markets. Gold April futures settled at $1,573.90 per troy ounce, up by 0.25%, while silver March futures settled at $17.68 per troy ounce, down by 0.76%. Domestic markets also settled on a mixed note. Gold settled at Rs40,644 per 10 grams with a gain of 0.73%, and silver settled at Rs46,106 per kilogram with a loss of 0.25%. Gold and silver witnessed strong volatility last week due to strength in the dollar index after upbeat US manufacturing, non-farm employment change and unemployment claims data. But fears over the coronavirus outbreak supported prices of both precious metals. Weakness in the rupee additionally supported prices of both precious metals. We expect prices to remain volatile next week due to strength in the dollar index. Gold has support at $1,562–1,555 and resistance at $1,584–1,592. Silver has support at $17.55–17.40, while resistance is at $17.80–18.00Today, gold has support at Rs40,389–40,135, while resistance is at Rs40,811–40,979. Silver has support at Rs45,852–45,599, while resistance is at Rs46,377–46,649. Traders are suggested to trade in a range with a strict stop-loss. ENERGY Crude oil prices decline for 5th straight week amid fear of lower oil demand due to coronavirus. Trend weak. Review On Friday, crude oil settled on a weaker note in international markets as WTI crude settled at $50.36 per barrel, while Brent settled at $54.45 per barrel. Domestic markets also settled on a weaker note at Rs3,617 per barrel with a loss of 0.36%. Crude oil prices slipped again on Friday, the fifth straight weekly fall, amid fears of slower global crude oil demand due to the spread of the coronavirus from China to other countries. Chinese refiners are processing 15% less crude than before the outbreak as the infection crimps demand. Meanwhile, Russia hesitated to accept a proposal by OPEC+ countries to cut output by 600,000 barrels a day. Russian Energy Minister Alexander Novak promised an answer to the proposal in a few days. We expect crude oil prices to remain volatile, and $52 per barrel will act as major resistance for the prices. If prices sustain below $50 per barrel, they could test $48-47 per barrel in the coming days. Crude oil has support at $50.00–49.40 and resistance at $51.00–51.40Crude oil has support at Rs3,579–3,541, while resistance is at Rs3,664–3,711; traders are suggested to trade in a range with a strict stop-loss.. BASE METALS Base metals bleed due to spreading coronavirus and strength in dollar index. Trend volatile. Review On Friday, base metals settled on a weaker note in international markets. 3M LME copper settled at $5,656.00 per metric ton with a loss of 1.53% from the previous close. Base metal prices witnessed weaker trend on Friday due to the mounting fear of the coronavirus outbreak in China after death toll rose. Base metals also struggled due to strength in the dollar index. Even upbeat US manufacturing, non-farm employment change and unemployment claims data were unable to support prices. We expect prices of base metals to remain volatile and selling pressure is expected on every rise till the coronavirus outbreak is brought under control in China. Today, copper has support in the range of Rs429–427, while resistance is at Rs434–437. Nickel should trade in the range of Rs928–956, zinc should trade in the range of Rs167–173, lead should trade in the range of Rs143–147, and aluminium should trade in the range of Rs136–140Copper has support at Rs429 and Rs427, while resistance is at Rs434 and Rs437; traders are suggested to trade as per levels with a strict stop-loss. AGRI COMMODITIES Strength in the dollar index and fear of coronavirus pushes agricultural commodities down. Trend volatile. Review On Friday, most of the agricultural commodities slipped again amid persisting fears of the coronavirus outbreak among global economies. The rising death toll in China is again putting pressure on prices of oil seeds, edible oil and other agricultural commodities. Strength in the dollar index also puts pressure on the entire agriculture commodities pack. Bursa Malaysia KLC also closed negative. Soybean February futures settled on a weaker note in domestic markets at Rs4,070 per quintal with a loss of 1.21%. CBOT settled at 883 cents. Other agricultural commodities also settled on a weaker note at NCDEX. Chana March futures settled with a loss of 0.89%, and castor seed futures settled with a loss of 0.26%. RM seed closed with a loss of 0.37%. Guar seed settled with a loss of 1.21%, and guar gum also settled with a loss of 1.22%. The spices pack also settled on a weaker note; coriander, jeera and turmeric all settled negative. Cotton seed oilcake February futures closed negative with a loss of 1.15%. Refined soy oil February futures closed positive at Rs850.00. We expect refined soy oil to trade in the range of Rs840–864Soybean has support at Rs4,040–4,000, while resistance is at Rs4,110–4,140. Refined soy oil has support at Rs844–840, while resistance is at Rs858–864. Traders are suggested to trade as per levels with strict stop-loss. Disclaimer: This document has been prepared by IndiaNivesh Commodities Private Limited (IndiaNivesh), for use by the recipient as information only and is not for circulation or public distribution. This document is not to be reproduced, copied, redistributed or published or made available to others, in whole or in part without prior permission from us. This document is not to be construed as an offer to sell or the solicitation of an offer to buy any commodity. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our current opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the commodity and currencies mentioned in the report. )

Currency pivot levels Currency pair Close Change (%) Resistance 1 Resistance 2 Pivot Support 1 Support2 USDINR 71.3825 -0.06 71.3883 71.4017 71.4042 71.3908 71.3933 EURINR 78.0425 -0.36 78.2192 78.4008 78.2683 78.0867 77.9542 GBPINR 92.30 -0.10 92.6267 92.9433 92.5133 92.1967 91.7667 JPYINR 65.075 -0.10 65.1375 65.2000 65.1375 65.0750 65.0125   Cross-currency update Currency pair Close Change (%) Dollar index 98.77 -0.09 EURUSD 1.0915 0.04 GBPUSD 1.2953 0.29 USDJPY 109.78 0.02   USDINR 26 February 2020 expiry option update Options LTP Change (%) OI OI (Prev.) CE  72.50 0.015 -50 113401 3.17 CE 72.00 0.0525 -34.38 191001 -4.21 CE 71.50 0.1725 -23.33 204405 2.26 CE 71.00 0.465 -7.46 94486 0.7 CE 70.50 0.8925 -6.05 26507 -2.54           PE 72.00 1.135 3.65 10446 1.68 PE 71.50 0.685 3.79 70700 -0.38 PE 71.00 0.3 0.00 106416 0.6 PE 70.50 0.085 -8.11 204512 9.42 PE 70.00 0.0175 0.00 73625 0.58 Note: Previous day’s movement in option activities RBI reference rate (11 February 2020) 1 USD 1 GBP 1 EURO 100 YEN 71.2291 92.0000 77.7067 64.8000 The USDINR pair remained indecisive for the second consecutive day yesterday, and settled almost flat at 71.38 as compared to the previous day’s close of 71.42 levels. The pair saw a mild recovery from the day’s low of 71.2850, on buying by nationalised banks likely on behalf of oil importers amid a strong greenback. The US dollar traded higher against its major counterparts after two Federal Reserve policymakers affirmed about the good health of US economy, while playing down the impact of the virus on the domestic economy, which also weighed on the USDINR pair. Technically, as expected yesterday, the downside momentum remained limited and the USDINR pair found support from its immediate support. Intraday price action resulted in the formation of a high-wave candlestick, which is indicating for a range-bound to volatile momentum in the near future. Further, following the ongoing global factors, the pair is expecting to trade above its support levels 71.20­–71.00. On the downside, a break below 70.80 will lead to selling pressure and the pair may test the next support of 70.65–70.55. Trend: Neutral The EURINR pair witnessed a 0.41% intraday fall yesterday. The currency came under pressure and dropped to the day’s low 77.85, following weak Eurozone investor confidence data released on Monday amid weak German industrial production numbers from last week's data release. Also, a strong greenback following optimistic comments from two Federal Reserve members further weighed on the recent fall. Technically, the formation of long bearish candlestick on the EOD chart is still indicating bearish momentum in the EURINR pair. Further, the pair broke its crucial support of 78.70 on 7 February 2020, which is coinciding with the swing low of 19 January 2020 and is also supporting the bearish outlook. Today, a break below 77.80 will lead to selling pressure in the pair and a downside target is expected to be at 77.50–77.20. Alternatively, a momentum recovery could be expected toward the immediate resistance of 78.45–78.65, which could attract selling pressure in the near future. Trend: Neutral Major economic data and events released yesterday/earlier today   Major economic data & events scheduled for the day Time Currency Economic indicators Forecast Previous Possible impact Tentative AUD Westpac Consumer Sentiment - -1.80% - 5:20am JPY M2 Money Stock y/y 2.80% 2.70% Positive 6:30am NZD Official Cash Rate 1.00% 1.00% Neutral   NZD RBNZ Monetary Policy Statement - - -   NZD RBNZ Rate Statement - - - 7:30am NZD RBNZ Press Conference - - - 11th-18th CNY Foreign Direct Investment ytd/y - 6.00% - 11:30am JPY Prelim Machine Tool Orders y/y - -33.50% - 12th-15th CNY New Loans 3100B 1140B Positive 12th-15th CNY M2 Money Supply y/y 8.60% 8.70% Negative 3:30pm EUR Industrial Production m/m -1.80% 0.20% Negative Tentative EUR German 10-y Bond Auction - -0.25|1.2 - 7:00pm USD FOMC Member Harker Speaks - - - 8:00pm GBP CB Leading Index m/m - -0.20% - 8:30pm USD Fed Chair Powell Testifies - - - 9:00pm USD Crude Oil Inventories 3.1M 3.4M Positive 11:31pm USD 10-y Bond Auction - 1.87|2.4 -  Impact: High | Low | Medium Note: Economic data expectations are based on median forecast by economists or Reuters and Bloomberg survey. Here, a positive impact indicates currency could appreciate and negative indicates currency could depreciate against the US dollar. Technical chart source: TickerNews Source: TickerNews, Forexfactory.com, forexlive.com, Reuters, and investing.com *DOS – Depends on Statement. DOV – Depends on Votes. Disclaimer: This document has been prepared by IndiaNivesh Securities Limited (IndiaNivesh), for use by the recipient as information only and is not for circulation or public distribution. This document is not to be reproduced, copied, redistributed or published or made available to others, in whole or in part without prior permission from us. This document is not to be construed as an offer to sell or the solicitation of an offer to buy any currency pair. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or Completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our current opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the currencies mentioned in the report. )