Nifty Struggles Below 9400 | Commodity Tips For Today

Benchmark indices continued to tread lower in noon, with the Nifty struggling below 9400 level due to consistent fall in private banking & financials and FMCG stocks. The Sensex dropped 76 points at 30,184.76 and the Nifty declined 32 points to 9,390.40. The broader markets underperformed benchmarks, with the BSE Mid-cap and Small-cap indices falling half a percent each on weak breadth. About two shares declined for every share rising on the exchange. The Indian Rupee opened higher by 6 paise at 64.31 per Dollar.

In Commodity market, Precious metals are flat on today on political uncertainty in the United States, but were set for their fourth straight weekly loss due to expectations of an interest rate hike by the U.S.Federal Reserve in June. US economic data however remains strong with initial jobless claims near multi-decade lows and producer prices jumping.Crude oil prices were stable on yesterday as traders expected OPEC-led production cuts to extend beyond the middle of this year, and as U.S. crude inventories fell to their lowest levels since February. 

Expert View: Technically gold 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. 

Commodity Tips
Sell Gold Jun in the range of 27960-27945 Targets 27800 - 27600 Stop loss 28100.

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