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DAY TRADING TIPS

NG TARGET ACHIEVED AND STILL BULLISH< HOLD FOR 235 Buy Copper at 412 , target 420, SL 410

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It seems that there is no immediate relief for traders investing in base metals. We saw base metals trading in green yesterday on MCX. This movement was due to the decline in Rupee and traders were expecting a positive outcome from US-China meet to discuss trade tariffs.

Looking at fundamentals, we could expect base metals to trade sideways in today's trading session. With President Trump escalating trade war to next level, the markets seems to be preparing for negative sentiment and we can expect sellers to dominate the market.

President Trump on Monday escalated the trade war by imposing new tariffs of $200bn on Chinese goods arriving to US from next week. President trump blamed “unfair policies and practises” for escalation of this trade war.

This time if China retaliates, another 267bn of additional imports will be imposed as per the statements released by President Trump. Read here

This morning we have also seen Rupee trading in green and this strength is expected to continue.


Looking at trading strategies today

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Copper

Copper has been impacted by trade war before and we saw copper trading in bearish market. This counter has been waiting for some good news on US-China trade war. Copper has been trading in a range with immediate resistance at 434 and support at 421.

I would advise a short position in Copper at 430.50 with SL of 434 and target of 426.

Zinc

Zinc has been trading at lower levels for quite some time so we could see some short covering today. Would suggest a short trade for intraday traders. Short Zinc at 170.50 with target of 168 and SL of 172.80

Nickel

A short position for Nickel is a profitable one. Trend will be negative in this counter. I don’t see much movement today so one can go aim for a quick buck. Short Nickel at 895 for target of 880 and SL of 901

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