Date: 09-Feb-2026

Daily Outlook

Metal Index & Energy

Bullion Index

The Benchmark index witnessed a Gap Down Opening on 6/2/26 but remain on higher side through out the day on retreat in dollar index and safe haven buying after geopolitical concern while rebound in global equity market & Crypto currency also offer support from marginal call pressure with technical based buying make bullion attractive at lower level and which all resulted in index close near days high but well above over previous day close.

Now, Index has Resistance 39000-40700-44000-49000 as long hold, more Down side expected towards 33500-33200 in short term. Other side only Sustain above 49000 seen 46000-45600- 44600-43500-42600-41700-40600 in days to come.

Price is trading below short term 13-days SMA and RSI at 49 mark with Down ward slope indicates more room for Downside in the counter. Other side above zero line MACD seen buying support at every fall.

Metals Index

The Benchmark index seen a gap Down Opening on 6/2/26 but remain on higher side through out the on lower level buying after risk appetite improve on global; equity rebound and ahead of top metal consumer China long holiday prompt short covering and which all resulted in index close near days high and well above over previous day closing.

Now index has a Support at 21300-21000-20500, as long hold, more Upside expected towards 24800-25000 in medium term. While on lower side only sustain below 20500 seen 20000- 19500 again in days to come.

Price is trading below short term 13 SMA while RSI at 49 marks with Downward slope indicates more room for Downside in the counter. Other side above zero line MACD indicates more buying seen at every dip in the counter.

Technical Levels

Commodity Contract Month CLOSE S1 S2 R1 R2 Trend
BULLIONS(Rs.)
Gold M Mar. 153931 152400 151000 154300 155500 SIDEWAYS
Silver M Feb. 257813 254700 251000 259500 262000 BEARISH
Energy
Crude Oil Feb. 5824 5750 5690 5870 5950 SIDEWAYS
Natural Gas Feb. 320.20 310 300 334 345 BEAREISH
BASEMETALS
Copper Feb. 1242.85 1230.0 1218 1265 1290 SIDEWAYS
Zinc Feb. 325.65 321.50 318.0 327.0 330.0 SIDEWAYS
Lead Feb. 189.85 189 187 195 198 SIDEWAYS
Nickel Jan. 1537.90 1500 1450 1650 1700 SIDEWAYS

Vibhu Ratandhara

Digitally signed by Vibhu Ratandhara Date: 2026.02.09

Disclosure: M/s. Bonanza Portfolio Ltd here by declares that views expressed in this report accurately reflect view point with subject to companies/securities. M/s. Bonanza Portfolio Ltd has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations. The Analysts engaged in preparation of this Report or his/her relative: - (a) do not have any financial interests in the subject company mentioned in this Report; (b) do not own 1% or more of the equity securities of the subject company mentioned in the report as of the last day of the month preceding the publication of the research report; (c) do not have any material conflict of interest at the time of publication of the Report. The Analysts engaged in preparation of this Report:- (a) have not received any compensation from the subject company in the past twelve months; (b) have not managed or co-managed public offering of securities for the subject company in the past twelve months; (c)have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months; (d) have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months; (e) has not received any compensation or other benefits from the subject company or third party in connection with the Report; (f) has not served as an officer, director or employee of the subject company; (g) is not engaged in market making activity for the subject company.
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