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Thursday, 4 May 2017

Latest Commodity Updates - Expert View

Benchmark indices were trading strong, with the Nifty hovering around 9350-mark. The Sensex trading up 138 points at 30033, while the Nifty hiked 18 points at 9330. The market breadth was narrow as 1,458 shares advanced against a decline of 961 shares, while 120 shares were unchanged

Commodity Market Update: Mcx Gold declined 289 points to 28,183 while Sliver Dropped 392 points to 37,900. Crude oil lost ground on Thursday, falling for a third out of four sessions and trading near its lowest since late March after data showed a lower than expected decline in U.S.inventories. Copper prices are slipped 3.5 percent on Wednesday after hitting a three week high in the previous session, as supply fears were eased by a large rise in stocks and worries over Chinese demand pulled down prices of steel and iron ore.

Sell Crude Oil May in the range of 3060-3050 Targets 3000 - 2950 Stop loss 3120. 

Expert view: Technically crude oil is selling on hourly/daily charts while MACD and RSI also indicate good selling opportunity in it. So, traders should go for sell on higher level strategy. 

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