MCX has launched its first Bullion Index - Bulldex - Angel Broking

Mr. Anuj Gupta , DVP- Commodities and Currencies Research, Angel Broking Ltd.

"Today MCX has launched its first Bullion Index "BULLDEX" which is based on Gold and Silver. This Bulldex will trade like Nifty and Bank Nifty.

In this Bulldex the weightage of gold is 70.52% and Silver 29.48%. The lot size of the index is 50 lots. it means the profit and loss in 1 rs movement is rs 50. Today this index opened at 16400 levels. This contract has monthly expiry with cash settle contract. This contract is very useful for the traders as this will provide trading in futures and options and as well as hedging tool to the traders. This will also help to diversify the portfolio and low volatility. For trading perspective traders can go for sell in index at 16300 to 16400 levels with the stop loss of 16700 levels for the target of 16000 levels. Gold and silver trend looks down so the same trend will reflect in this index also."

Shares of MULTI COMMODITY EXCHANGE OF INDIA LTD. was last trading in BSE at Rs.1710.5 as compared to the previous close of Rs. 1702.1. The total number of shares traded during the day was 28866 in over 1559 trades.

The stock hit an intraday high of Rs. 1748.4 and intraday low of 1695.85. The net turnover during the day was Rs. 49712137.

Source : Equity Bulls

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