Global Market View as we come back post a big weekend holiday, Asian equity markets are trading on a mixed to positive note with recovery in US markets last week aid shore up. S&P 500 closed at 1964.58 up by 0.7percentage on Friday long-lasting its optimistic drive from the larger part of the week. Owing to a long holiday for the Indian financial markets, we have missed out on the global bounce back on the equity markets front that has been observed for the last few trading sessions. In terms of currency, Asian currencies are trading on a marginally positive note with respect to dollar. US dollar directory has remained assortment bounce in the last few days currently hovering near the 85.55 mark. Euro has respected slightly, at the same time as pound has depreciated with respect to the dollar as compared to Wednesday; and are currently trading at 1.2708 and 1.6105 respectively.
Economic data: EU and US to dominate with IFO Business climate survey from Germany in afternoon followed with Market Services/Composite PMI and Pending home sales from the US which might infuse good volatility in evening session
As stated above, we hold a nearly similar stance in silver commodity in intraday with bias largely seen bearish. On the major note, base metals are largely steady which might not lead to any extended pressure on the commodity though we feel moderately stable to better economic cues from EU and US due today evening may continue to cast negative shadow on the Bullion basket including silver commodity. We recommend selling the same on pullbacks today.
Commodity Intraday Tips
Sell Silver Mcx Dec below 38250 SL 38450 Tgt 37700
Buy Aluminum Mcx Oct above 119.80 SL 119 Tgt 121