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Friday, 5 May 2017

Sensex Loses Over 200 Points | Commodity Tips By Expert

Benchmark indices extended their losses from the morning session and were trading at the day’s low points and the Nifty snapped 9300 mark.The Sensex declined 251 points at 29874, while the Nifty lower by 70 points at 9289. The market breadth remained in the negative as 854 shares advanced against a decline of 1,663 shares, while 134 shares were unchanged. The Indian Rupee trading higher by 11 paise at 64.29 per Dollar.

In Commodity market, Gold hiked 94 points at 28,166, Sliver gained 182 points at 38,234 and Crude oil prices fell to be mired at five-month lows after tumbling in the previous session, as concerns about global oversupply wiped out all of the price gains since OPEC's move to cut output. The recent steep price fall would likely force OPEC members to extend production cuts later this month, but the prospect of deeper cuts appeared slim.

Technically copper 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.

Sell Copper Jun in the range of 358-357 Targets 354/350 Stop loss 362. 

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