After a long weekend, the domestic started yesterday’s session on a pessimistic note amid the on-going nervousness for the results of elections 2019. As the day progressed, selling intensified which forced the benchmarks to close with colossal loss. The index Nifty lost more than 150 points to close below 11600 mark. Meanwhile, the Nifty Bank index too remained under pressure and ended with a loss of more than 500 points.
Right from the beginning of the session, market breadth remained strongly in the favour of declining counters. On the sectoral front, except NIFTY IT (+0.44%) all the other group indices closed in red. From the losers, NIFTY REALTY (-2.48%) and NIFTY PSU BANK (-2.45%) stocks remained under limelight. From the F&O space, DHFL (-11.94%), PCJEWELLER (-11.29%) and IBULHSGFIN (-9.21%) were the biggest losers.
MARKET OUTLOOK
Nifty Daily Chart:
Since last week, we have been stating about booking profits at higher levels in long positions. In line with the same we witnessed strong profit booking in the markets on the back of overbought conditions. The index Nifty yesterday underwent a major move on the downside which was in line with the expectation. However, this kind of magnitude was not expected. Now, at this juncture, the index is trading just above the previous decisive support level of 11550.
If this support is held then we might witness a relief rally going ahead. In such scenario, 11700 – 11730 would act as strong resistance in the coming sessions. In case of further downside, breach of 11550 on closing basis might bring the markets into the ‘Sell on Rise’ mode. We continue to advice traders to avoid overleveraged positions and maintain strict stop loss.
Posted by Mehul Kothari | Published on 22-APR-2019
BULLION Gold prices made fresh 2019 low on Thursday; test key support of $1275. Trend volatile. Review Thursday, both the precious metals were trades flat in international markets. Gold settled at $1277.90 per troy ounce down by 0.09% while silver settled at $14.96 per troy ounce up by 0.01%. Domestic markets were also traded flat. Gold settled at Rs.31463 per 10 gram with the loss of 0.05% and MCX Silver settled at 37230 per 1 kilogram with the gain of 0.05%. Gold prices made fresh 2019 low on Thursday before closing above $1275 levels. $1275 is crucial support for gold and which is 38.2% Fibonacci retracement of current August-February bullish move. If gold is not able to hold $1275 this week than more weakness is possible. If 41275 is hold than prices could bounce again toward $1300 zone. We expect market will remain volatile this week and currency will play key role in domestic markets. Gold is having support at $1275-1266 and resistance at $1284-1292. Silver is having support at $14.80-14.64 while resistance at $15.10-15.24. TECHNICAL OUTLOOK
Today, Gold is having support at 31372-31281 while resistance at 31585-31707, silver is having support at 37098-36967 and resistance at 37375-37521. Traders are suggested to trade in a range with strict stop loss.
ENERGY Crude oil prices steady on strong Chinese GDP data and robust demand. Trend volatile. Review Thursday, Crude oil prices trade steady in international market WTI Crude settled at $64.07 while Brent settled at $71.95 per barrel. At MCX Crude oil settled positive at 4443 per barrel with the gain of 0.11%. Crude oil prices trade steady in international markets and took support after strong Chinese GDP data and robust demand outlook from China. Geo-political tensions and OPEC production cut is also supporting prices. Tension in Libya and deadline of U.S. sanctions on Iran and OPEC production cut is continue supporting crude oil prices. Market will eye next move of President Donald Trump on Iran sanctions as its expiring on 2nd May and Saudi Arabia is making more negotiations with U.S. to extend sanctions on Iran. Pressure from U.S. is also building up on Saudi Arabia to announce suspension or ease production cut to control rising crude oil prices. As prices are almost gain 40% this year and which is major concern for global economy. We expect crude oil prices remain volatile this week and any comment from OPEC and US will increase volatility. Crude oil is having support at $63.40-62.80 and resistance at $64.50-65.20. TECHNICAL OUTLOOK
Crude oil is having support at 4413-4384 while resistance at 4463-4484, trades are suggested to trade in a range with strict stop loss.
BASE METALBase metals dip; Zinc plunge on higher inventory data and strength in dollar. Trend volatile. ReviewThursday, base metal prices settled weak in international market. 3M LME copper settled at $6463 per metric ton down by 1.31% from previous session. Zinc prices sank to a one-month low on Thursday after inventories in LME warehouses climbed and weak manufacturing data in Europe took the shine off base metals. Base metals prices had jumped in the previous session after upbeat GDP data from top consumer China but fell on Thursday as the dollar rose and manufacturing activity in Germany shrank. LME zinc inventories rose to their highest level in nearly two months, up 7,225 tons to 73,575 tons, according to exchange data. It's a broader weakness across base metals but zinc is definitely leading the way because stocks are up 11 percent. We expect base metal prices remain volatile this week and expect to take support at lower levels. Today, Copper is having support around 444-441 while resistance at 452-457. Nickel will trade in a range of 864-894, Zinc will trade in a range of 222-228, and Lead will trade in a range of 132-136 while Aluminium trade in a range of 147-152. TECHNICAL OUTLOOK
Copper is having support at 444 and 441 while resistance at 452 and 457, traders are suggested to trade as per levels with strict stop loss.
AGRI COMMODITYPressure continues in agriculture commodities after IMD monsoon forecast. Trend volatile. ReviewThursday, Soybean settled weak in domestic markets at 3692 per quintal with the loss of 1.42%. CBOT were settled at 880. Last week was worst week for agriculture commodities as most of the commodities bleed after IMD release first monsoon forecast and predict normal monsoon this year. As per IMD there is a less possibility of el-nino this year. After that most of the agriculture commodities settled in red at NCDEX. Chana settled negative with the loss of 1.11%, Castor seed settled negative with the loss of 2.75%. RM Seed closed negative with the loss of 0.85%. Guar Seed settled weak with the loss of 0.91% while Guar Gum settled with the loss of 1.20%. Spices pack settled mixed Jeera and Turmeric settled positive while Coriander settled negative. Cotton seed oilcake closed negative with the loss of 1.06%. Refined Soyoil closed positive with the gain of 1.02%. We expect Refined Soyoil to trade in a range of 720-734. We expect Castor seed and Cotton complex will also get support at lower levels. TECHNICAL OUTLOOK
Soybean is having support around 3660-3630 while resistance at 3730-3750, Refined Soyaoil is having support at 722-720 while resistance at 732-734 traders are suggested to trade as per levels with strict stop loss.
News Source: Bloomberg, investing.com, kitco.com and ticker news.
Disclaimer: 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.)
Posted by Mehul Kothari | Published on 23-APR-2019
BULLION Gold prices steady on U.S.-Iran tensions; safe haven buying off 4 months low. Trend volatile Review Yesterday, both the precious metals were trades flat in international markets. Gold settled at $1277.60 per troy ounce down by 0.03% while silver settled at $14.97 per troy ounce up by 0.07%. Domestic markets were settled positive due to weakness in rupee. Gold settled at Rs.31596 per 10 gram with the gain of 0.42% and MCX Silver settled at 37381 per 1 kilogram with the gain of 0.41%. Gold prices off 2019 low after tension between U.S.-Iran. U.S. hints for complete ban on waiver of Iranian oil exports. Escalation in U.S.-Iran tensions boost gold safe haven bet. Rally in crude oil prices are also supporting gold prices in international markets. We expect Gold to hold $1275 levels on a closing basis in international markets and expect to test resistance of $1284-1292. Gold is having support at $1275-1266 and resistance at $1284-1292. Silver is having support at $14.80-14.64 while resistance at $15.10-15.24. TECHNICAL OUTLOOK
Today, Gold is having support at 31504-31412 while resistance at 31734-31872, silver is having support at 37268-37155 and resistance at 37551-37721. Traders are suggested to trade in a range with strict stop loss.
ENERGY Crude oil prices rallied after U.S. ends all Iran sanctions waivers. Trend firm. Review Yesterday, Crude oil prices trade positive in international market WTI Crude settled at $65.55 while Brent settled at $74.12 per barrel. At MCX Crude oil settled positive at 4593 per barrel with the gain of 3.05%. Crude oil prices rallied and hover to 2019 high after Washington abruptly moved to end all Iran sanctions waivers by May, pressuring importers to stop buying from Tehran. The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran's eight biggest buyers, most of them in Asia, to continue buying limited volumes. Before the re-imposition of sanctions last year, Iran was the fourth-largest producer among the OPEC at almost 3 million barrels per day (bpd), but April exports have shrunk well below 1 million bpd, according to ship tracking and analyst data in Refinitiv. We expect recent geo-political tensions will support crude oil prices and it is expected to test resistance of $67.50. Crude oil is having support at $64.80-64.40 and resistance at $66.20-66.80. TECHNICAL OUTLOOK
Crude oil is having support at 4508-4442 while resistance at 4646-4698, trades are suggested to trade in a range with strict stop loss.
BASE METALBase metals dip; on weak U.S. home sales data and strong dollar. Trend volatile. ReviewYesterday, base metal prices settled weak in international market. 3M LME copper flat at $6463 per metric ton due to LME holiday. Base metals show weakness due to weak U.S. home sales data and strength in dollar index. U.S. home sales fell more than expected in March, pointing to continued weakness in the housing market despite declining mortgage rates and slowing house price gains. The National Association of Realtors said on Monday existing home sales dropped 4.9 percent to a seasonally adjusted annual rate of 5.21 million units last month. February’s sales pace was revised down to 5.48 million units from the previously reported 5.51 million units. Economists polled by Reuters had forecast existing home sales would fall 3.8 percent to a rate of 5.30 million units last month. Fall in U.S. home sales more than expectations trigger sell button in base metals. We expect base metal prices remain volatile. Today, Copper is having support around 444-441 while resistance at 450-453. Nickel will trade in a range of 860-895, Zinc will trade in a range of 224-229, and Lead will trade in a range of 132-136 while Aluminium trade in a range of 148-152.TECHNICAL OUTLOOK
Copper is having support at 444 and 441 while resistance at 450 and 453, traders are suggested to trade as per levels with strict stop loss.
AGRI COMMODITYMixed trend seen in agriculture commodities; strong dollar limits gain. Trend volatile. ReviewYesterday, Soybean settled positive in domestic markets at 3715 per quintal with the gain of 0.41%. CBOT were settled at 878. Agriculture commodities shows mixed trend in yesterday’s session and recovers from day’s low. Strong dollar is putting pressure on global agriculture commodities. Oil complex seen pressure in international markets but weakness in rupee support prices in domestic markets. We expect agriculture commodities will took support at lower levels. Mixed trend seen at NCDEX in yesterday’s session, Chana settled negative with the loss of 1.88%, Castor seed settled negative with the loss of 1.77%. RM Seed closed positive with the gain of 0.80%. Guar Seed settled positive with the gain of 0.47% while Guar Gum settled with the gain of 0.53%. Spices pack settled mixed Jeera settled positive while Coriander and Turmeric settled negative. Cotton seed oilcake closed positive with the gain of 2.94%. Refined Soyoil closed positive with the gain of 1.36%. We expect Refined Soyoil to trade in a range of 730-744. We expect Castor seed and Guar complex will gain in today’s trade and Coriander could get support at 7000 levels.
TECHNICAL OUTLOOK
Soybean is having support around 3680-3660 while resistance at 3740-3760, Refined Soyaoil is having support at 732-730 while resistance at 742-744 traders are suggested to trade as per levels with strict stop loss.
News Source: Bloomberg, investing.com, kitco.com and ticker news.
Disclaimer: 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.)
Share Market Today - 23rd April 2019
MARKET RECAP
Key Market Data Points
After a long weekend, the domestic started yesterday’s session on a pessimistic note amid the on-going nervousness for the results of elections 2019. As the day progressed, selling intensified which forced the benchmarks to close with colossal loss. The index Nifty lost more than 150 points to close below 11600 mark. Meanwhile, the Nifty Bank index too remained under pressure and ended with a loss of more than 500 points.
Right from the beginning of the session, market breadth remained strongly in the favour of declining counters. On the sectoral front, except NIFTY IT (+0.44%) all the other group indices closed in red. From the losers, NIFTY REALTY (-2.48%) and NIFTY PSU BANK (-2.45%) stocks remained under limelight. From the F&O space, DHFL (-11.94%), PCJEWELLER (-11.29%) and IBULHSGFIN (-9.21%) were the biggest losers.
MARKET OUTLOOK
Nifty Daily Chart:
Since last week, we have been stating about booking profits at higher levels in long positions. In line with the same we witnessed strong profit booking in the markets on the back of overbought conditions. The index Nifty yesterday underwent a major move on the downside which was in line with the expectation. However, this kind of magnitude was not expected. Now, at this juncture, the index is trading just above the previous decisive support level of 11550.
If this support is held then we might witness a relief rally going ahead. In such scenario, 11700 – 11730 would act as strong resistance in the coming sessions. In case of further downside, breach of 11550 on closing basis might bring the markets into the ‘Sell on Rise’ mode. We continue to advice traders to avoid overleveraged positions and maintain strict stop loss.
Disclaimer
Previous Story
Commodity Research Report – 22nd April 2019
BULLION Gold prices made fresh 2019 low on Thursday; test key support of $1275. Trend volatile. Review Thursday, both the precious metals were trades flat in international markets. Gold settled at $1277.90 per troy ounce down by 0.09% while silver settled at $14.96 per troy ounce up by 0.01%. Domestic markets were also traded flat. Gold settled at Rs.31463 per 10 gram with the loss of 0.05% and MCX Silver settled at 37230 per 1 kilogram with the gain of 0.05%. Gold prices made fresh 2019 low on Thursday before closing above $1275 levels. $1275 is crucial support for gold and which is 38.2% Fibonacci retracement of current August-February bullish move. If gold is not able to hold $1275 this week than more weakness is possible. If 41275 is hold than prices could bounce again toward $1300 zone. We expect market will remain volatile this week and currency will play key role in domestic markets. Gold is having support at $1275-1266 and resistance at $1284-1292. Silver is having support at $14.80-14.64 while resistance at $15.10-15.24. TECHNICAL OUTLOOK Today, Gold is having support at 31372-31281 while resistance at 31585-31707, silver is having support at 37098-36967 and resistance at 37375-37521. Traders are suggested to trade in a range with strict stop loss. ENERGY Crude oil prices steady on strong Chinese GDP data and robust demand. Trend volatile. Review Thursday, Crude oil prices trade steady in international market WTI Crude settled at $64.07 while Brent settled at $71.95 per barrel. At MCX Crude oil settled positive at 4443 per barrel with the gain of 0.11%. Crude oil prices trade steady in international markets and took support after strong Chinese GDP data and robust demand outlook from China. Geo-political tensions and OPEC production cut is also supporting prices. Tension in Libya and deadline of U.S. sanctions on Iran and OPEC production cut is continue supporting crude oil prices. Market will eye next move of President Donald Trump on Iran sanctions as its expiring on 2nd May and Saudi Arabia is making more negotiations with U.S. to extend sanctions on Iran. Pressure from U.S. is also building up on Saudi Arabia to announce suspension or ease production cut to control rising crude oil prices. As prices are almost gain 40% this year and which is major concern for global economy. We expect crude oil prices remain volatile this week and any comment from OPEC and US will increase volatility. Crude oil is having support at $63.40-62.80 and resistance at $64.50-65.20. TECHNICAL OUTLOOK Crude oil is having support at 4413-4384 while resistance at 4463-4484, trades are suggested to trade in a range with strict stop loss. BASE METALBase metals dip; Zinc plunge on higher inventory data and strength in dollar. Trend volatile. ReviewThursday, base metal prices settled weak in international market. 3M LME copper settled at $6463 per metric ton down by 1.31% from previous session. Zinc prices sank to a one-month low on Thursday after inventories in LME warehouses climbed and weak manufacturing data in Europe took the shine off base metals. Base metals prices had jumped in the previous session after upbeat GDP data from top consumer China but fell on Thursday as the dollar rose and manufacturing activity in Germany shrank. LME zinc inventories rose to their highest level in nearly two months, up 7,225 tons to 73,575 tons, according to exchange data. It's a broader weakness across base metals but zinc is definitely leading the way because stocks are up 11 percent. We expect base metal prices remain volatile this week and expect to take support at lower levels. Today, Copper is having support around 444-441 while resistance at 452-457. Nickel will trade in a range of 864-894, Zinc will trade in a range of 222-228, and Lead will trade in a range of 132-136 while Aluminium trade in a range of 147-152. TECHNICAL OUTLOOK Copper is having support at 444 and 441 while resistance at 452 and 457, traders are suggested to trade as per levels with strict stop loss. AGRI COMMODITYPressure continues in agriculture commodities after IMD monsoon forecast. Trend volatile. ReviewThursday, Soybean settled weak in domestic markets at 3692 per quintal with the loss of 1.42%. CBOT were settled at 880. Last week was worst week for agriculture commodities as most of the commodities bleed after IMD release first monsoon forecast and predict normal monsoon this year. As per IMD there is a less possibility of el-nino this year. After that most of the agriculture commodities settled in red at NCDEX. Chana settled negative with the loss of 1.11%, Castor seed settled negative with the loss of 2.75%. RM Seed closed negative with the loss of 0.85%. Guar Seed settled weak with the loss of 0.91% while Guar Gum settled with the loss of 1.20%. Spices pack settled mixed Jeera and Turmeric settled positive while Coriander settled negative. Cotton seed oilcake closed negative with the loss of 1.06%. Refined Soyoil closed positive with the gain of 1.02%. We expect Refined Soyoil to trade in a range of 720-734. We expect Castor seed and Cotton complex will also get support at lower levels. TECHNICAL OUTLOOK Soybean is having support around 3660-3630 while resistance at 3730-3750, Refined Soyaoil is having support at 722-720 while resistance at 732-734 traders are suggested to trade as per levels with strict stop loss. News Source: Bloomberg, investing.com, kitco.com and ticker news. Disclaimer: 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.)
Next Story
Daily Commodity Research Report – 23rd April 2019
BULLION Gold prices steady on U.S.-Iran tensions; safe haven buying off 4 months low. Trend volatile Review Yesterday, both the precious metals were trades flat in international markets. Gold settled at $1277.60 per troy ounce down by 0.03% while silver settled at $14.97 per troy ounce up by 0.07%. Domestic markets were settled positive due to weakness in rupee. Gold settled at Rs.31596 per 10 gram with the gain of 0.42% and MCX Silver settled at 37381 per 1 kilogram with the gain of 0.41%. Gold prices off 2019 low after tension between U.S.-Iran. U.S. hints for complete ban on waiver of Iranian oil exports. Escalation in U.S.-Iran tensions boost gold safe haven bet. Rally in crude oil prices are also supporting gold prices in international markets. We expect Gold to hold $1275 levels on a closing basis in international markets and expect to test resistance of $1284-1292. Gold is having support at $1275-1266 and resistance at $1284-1292. Silver is having support at $14.80-14.64 while resistance at $15.10-15.24. TECHNICAL OUTLOOK Today, Gold is having support at 31504-31412 while resistance at 31734-31872, silver is having support at 37268-37155 and resistance at 37551-37721. Traders are suggested to trade in a range with strict stop loss. ENERGY Crude oil prices rallied after U.S. ends all Iran sanctions waivers. Trend firm. Review Yesterday, Crude oil prices trade positive in international market WTI Crude settled at $65.55 while Brent settled at $74.12 per barrel. At MCX Crude oil settled positive at 4593 per barrel with the gain of 3.05%. Crude oil prices rallied and hover to 2019 high after Washington abruptly moved to end all Iran sanctions waivers by May, pressuring importers to stop buying from Tehran. The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran's eight biggest buyers, most of them in Asia, to continue buying limited volumes. Before the re-imposition of sanctions last year, Iran was the fourth-largest producer among the OPEC at almost 3 million barrels per day (bpd), but April exports have shrunk well below 1 million bpd, according to ship tracking and analyst data in Refinitiv. We expect recent geo-political tensions will support crude oil prices and it is expected to test resistance of $67.50. Crude oil is having support at $64.80-64.40 and resistance at $66.20-66.80. TECHNICAL OUTLOOK Crude oil is having support at 4508-4442 while resistance at 4646-4698, trades are suggested to trade in a range with strict stop loss. BASE METALBase metals dip; on weak U.S. home sales data and strong dollar. Trend volatile. ReviewYesterday, base metal prices settled weak in international market. 3M LME copper flat at $6463 per metric ton due to LME holiday. Base metals show weakness due to weak U.S. home sales data and strength in dollar index. U.S. home sales fell more than expected in March, pointing to continued weakness in the housing market despite declining mortgage rates and slowing house price gains. The National Association of Realtors said on Monday existing home sales dropped 4.9 percent to a seasonally adjusted annual rate of 5.21 million units last month. February’s sales pace was revised down to 5.48 million units from the previously reported 5.51 million units. Economists polled by Reuters had forecast existing home sales would fall 3.8 percent to a rate of 5.30 million units last month. Fall in U.S. home sales more than expectations trigger sell button in base metals. We expect base metal prices remain volatile. Today, Copper is having support around 444-441 while resistance at 450-453. Nickel will trade in a range of 860-895, Zinc will trade in a range of 224-229, and Lead will trade in a range of 132-136 while Aluminium trade in a range of 148-152.TECHNICAL OUTLOOK Copper is having support at 444 and 441 while resistance at 450 and 453, traders are suggested to trade as per levels with strict stop loss. AGRI COMMODITYMixed trend seen in agriculture commodities; strong dollar limits gain. Trend volatile. ReviewYesterday, Soybean settled positive in domestic markets at 3715 per quintal with the gain of 0.41%. CBOT were settled at 878. Agriculture commodities shows mixed trend in yesterday’s session and recovers from day’s low. Strong dollar is putting pressure on global agriculture commodities. Oil complex seen pressure in international markets but weakness in rupee support prices in domestic markets. We expect agriculture commodities will took support at lower levels. Mixed trend seen at NCDEX in yesterday’s session, Chana settled negative with the loss of 1.88%, Castor seed settled negative with the loss of 1.77%. RM Seed closed positive with the gain of 0.80%. Guar Seed settled positive with the gain of 0.47% while Guar Gum settled with the gain of 0.53%. Spices pack settled mixed Jeera settled positive while Coriander and Turmeric settled negative. Cotton seed oilcake closed positive with the gain of 2.94%. Refined Soyoil closed positive with the gain of 1.36%. We expect Refined Soyoil to trade in a range of 730-744. We expect Castor seed and Guar complex will gain in today’s trade and Coriander could get support at 7000 levels. TECHNICAL OUTLOOK Soybean is having support around 3680-3660 while resistance at 3740-3760, Refined Soyaoil is having support at 732-730 while resistance at 742-744 traders are suggested to trade as per levels with strict stop loss. News Source: Bloomberg, investing.com, kitco.com and ticker news. Disclaimer: 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.)