The document provides a daily technical analysis of trends in bullion and base metal commodities markets. It notes that gold and silver prices remained rangebound and below key resistance levels. Base metals like copper are expected to decline further, while aluminum and zinc are recommended for purchase. Crude oil remained stable ahead of an OPEC meeting, while natural gas prices plunged on a forecast for warmer weather reducing heating demand.

1. 25th Nov’14 Aaj Ka Trend
Bullions MCX Gold Dec Daily Chart
Technical View: Sideways action continues as gold prices traded in narrow range. We continue to mention that as long as 61.8% retracement levels are capped on higher side, prices would remain under pressure which could test 26300/26200 levels. Breach of the level could head prices towards 27000 levels. MCX Silver Dec Daily Chart
Technical View: Prices are trading below its multiple resistance of 36550-36600 levels. Failure to breach the mentioned level could give 500-800 Rs. Down move from current levels while breach of 36600 levels could move prices higher near 37800 levels. On COMEX Silver 16.70$ remains crucial resistance for prices.

2. 25th Nov’14 Aaj Ka Trend
Fundamental News:
• Gold holds near 3-week high on global stimulus hopes.
• Gold prices held near a three-week high on Monday, amid expectations that the European Central Bank is moving closer to embarking on quantitative easing measures to spur inflation.
• On the Comex division of the New York Mercantile Exchange, gold futures for February delivery tacked on $1.60, or 0.13%, to trade at $1,200.00 a troy ounce during U.S. morning hours.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3
Gold
26408
26336
26198
26474
26546
26612
26750
Silver
36041
35838
35472
36204
36407
36570
36936
Recommendation:
Gold
Neutral to negative
Silver
Neutral

3. 25th Nov’14 Aaj Ka Trend
Base Metals MCX Copper Nov Hourly Chart
Technical Views: As mentioned, prices initially moved higher near 415 and in the second half of the trading session prices moved lower and has given close below the consolidation which suggest weakness in copper prices as the momentum indicator, RSI has gone below 40 levels which suggest lack of momentum in prices. We now expect prices can test 406/404 levels as long as 412.50 levels are capped on higher side.
MCX Aluminum Nov Hourly Chart
MCX Lead Nov Hourly Chart
MCX Nickel Nov Daily Chart
MCX Zinc Nov Hourly Chart

4. 25th Nov’14 Aaj Ka Trend
Fundamental News:
• Copper futures edge lower as investors weigh China demand prospects
• Copper futures edged lower on Monday, as traders weighed whether a surprise rate cut in China would translate into an increase in demand for the industrial metal.
• On the Comex division of the New York Mercantile Exchange, copper for March delivery declined 0.4 cents, or 0.12% to trade at $3.026 a pound during European morning hours.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3
Copper
408.2
406.1
400.5
411.7
413.8
417.3
422.9
Aluminum
126.9
126.0
124.5
127.6
128.5
129.1
130.7
Lead
125.2
124.2
121.8
126.6
127.6
129.0
131.4
Nickel
1013.4
1004.3
985.0
1023.6
1032.7
1042.9
1062.2
Zinc
140.5
139.8
138.0
141.6
142.3
143.4
145.2
Recommendation:
Copper
Sell
Aluminum
Buy
Lead
Buy
Nickel
Buy
Zinc
Buy

5. 25th Nov’14 Aaj Ka Trend
Energy MCX Crude Dec Hourly Chart:
Technical Views: Prices gave gap up opening and moved higher almost near our first short term target of 4800 levels. currently prices are trading near the support of the uptrend line drawn on hourly timeframe which suggests as long as the mentioned trend line is intact prices would remain in uptrend while hourly close below the trend line could drift prices towards 4700/4680 levels. MCX Natural Gas Nov Hourly Chart:
Technical Views: Prices gave a gap down opening and drifted lower exceeding our short term target of 257. We remain bearish on natural gas prices as prices has hit its lower circuit limit and remain under pressure throughout the trading session. We now expect prices can test 250/245 levels as long as 260 levels are capped on higher side.

6. 25th Nov’14 Aaj Ka Trend
Fundamental News:
• Crude steady Iran nuke deadline extended, OPEC in focus
• Crude futures traded steady on Monday after Western delegates gave Iran extra time to dismantle its nuclear program, a move that will keep Iranian exports lower, while traders also looked ahead to Thursday when OPEC countries will decide on output quotas.
• On the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in January traded down 0.04% at $76.48 a barrel during U.S. trading, up from a session low of $75.85 a barrel and off a high of $77.02 a barrel.
• Natural gas futures plunge 5% on mild weather outlook.
• U.S. natural gas prices plunged sharply on Monday, as weather forecasters predicted a return to warmer weather by the end of the month, cutting down on heating fuel demand.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3
Crude
4718
4683
4614
4752
4787
4821
4890
Natural Gas
246
237
220
255
263
272
289
Recommendation:
Crude
Neutral
Natural Gas
Sell

7. 25th Nov’14 Aaj Ka Trend
Sumeet Bagadia (Associate Director) sumeet.bagadia@choiceindia.com
Ritesh Patel (Research Associate) ritesh.patel@choiceindia.com
Deveya Gaglani (Research Advisor) deveya.gaglani@chocieindia.com
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8. 25th Nov’14 Aaj Ka Trend
This is solely for information of clients of Choice Broking and does not construe to be an investment advice. It is also not intended as an offer or solicitation for the purchase and sale of any financial instruments. Any action taken by you on the basis of the information contained herein is your responsibility alone and Choice Broking its subsidiaries or its employees or associates will not be liable in any manner for the consequences of such action taken by you. We have exercised due diligence in checking the correctness and authenticity of the information contained in this recommendation, but Choice Broking or any of its subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this recommendation or any action taken on basis of this information. Technical analysis studies market psychology, price patterns and volume levels. It is used to forecast future price and market movements. Technical analysis is complementary to fundamental analysis and news sources. The recommendations issued herewith might be contrary to recommendations issued by Choice Broking in the company research undertaken as the recommendations stated in this report is derived purely from technical analysis. Choice Broking has based this document on information obtained from sources it believes to be reliable but which it has not independently verified; Choice Broking makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. The opinions contained within the report are based upon publicly available information at the time of publication and are subject to change without notice. The information and any disclosures provided herein are in summary form and have been prepared for informational purposes. The recommendations and suggested price levels are intended purely for trading purposes. The recommendations are valid for the day of the report however trading trends and volumes might vary substantially on an intraday basis and the recommendations may be subject to change. The information and any disclosures provided herein may be considered confidential. Any use, distribution, modification, copying, forwarding or disclosure by any person is strictly prohibited. The information and any disclosures provided herein do not constitute a solicitation or offer to purchase or sell any security or other financial product or instrument. The current performance may be unaudited. Past performance does not guarantee future returns. There can be no assurance that investments will achieve any targeted rates of return, and there is no guarantee against the loss of your entire investment. POTENTIAL CONFLICT OF INTEREST DISCLOSURE (as on date of report) Disclosure of interest statement – • Analyst interest of the stock /Instrument(s): - No. • Firm interest of the stock / Instrument (s): - No.
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