MCX GOLD FEB: Gold prices rose slightly further in the last session after a bounce in the previous day from its short term rising trend line support. Previously prices have broken out from its declining trend line resistance and are expected to rise further from these levels towards immediate resistance placed around 61.8% Fibonacci retracement of its fall from high of 30474 till low of 28055, which is placed around 29550 level. On the lower side immediate supports are placed around 29300 and 29150 levels. Action: Buy
NCDEX COCUD OIL JAN: Cotton seed oil cake prices opened higher with gap in the last session and prices corrected slightly to remain flat for the whole session. Prices have taken strong support around its 20 days simple moving average currently at 1786 level and are expected to continue its bullish trend from these levels towards immediate resistance placed around its recent high of 1885 level. On the lower side immediate supports are placed around 1788 and 1753 levels. Action: Buy
NCDEX GUARSEED FEB: Guar seed prices corrected sharply in the last session after making a fresh 2 years high of 4470. Prices have taken strong resistance at its medium term rising trend line in the previous two sessions and broken down from its short term rising trend line support in the last session. Prices are expected to hold this resistance and correct further from these levels towards immediate support placed around 23.6% Fibonacci retracement of its rally from low of 3558 till high of 4470, which is placed around 4255 level. Action: Sell
NCDEX SOYBEAN FEB: Soybean prices corrected slightly in the last session from recently made high of 3304 in the previous day. Prices have been rising gradually since last few sessions after taking strong support at its short term rising trend line and its 20 days simple moving average currently at 3152 level. Prices are expected to rise further from these levels towards immediate resistance placed around its previous high of 3327. On the lower side immediate supports are placed around 3255 and 3203 levels. Action: Buy
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