MCX NICKEL DEC: Nickel prices rose strongly in the last session after breaking out from its short term declining trend line resistance. Prices have bounced after taking strong support at 50% Fibonacci retracement of its rally from low of 558.60 till high of 841.90, which is placed around 700.25 level. Prices are expected to rise further towards immediate strong resistances placed around 750 and 774 levels. On the lower side immediate supports are placed around 724 and 708 levels. Action: Buy
MCX ALUMINIUM DEC: Aluminium prices have been recovering since last two sessions after taking strong support at 61.8% Fibonacci retracement of its rally from low of 119.20 till high of 142.70, which is placed around 128.20 level. Prices are expected to recover further from these levels if break above its immediate resistance of declining trend line currently placed around 132.50 level towards next strong resistance placed around 137 level. Action: Buy
NCDEX SOY OIL JAN: Soy oil prices recovered in the last session after taking support around 50% Fibonacci retracement of its rally from low of 692.40 till high of 757.95, which is placed around 725.20 level. Prices are expected to resume its bullish trend and rise from these levels towards immediate resistances placed around 740 and 748 levels. On the lower side immediate supports are placed around 725 and 717 levels. Buying in minor pullbacks is recommended for the day. Action: Buy
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NCDEX COCUDAKL JAN: Cotton seed oil cake prices opened slightly higher in the last session and prices rose strongly for the whole session till high of 1729. Prices have been rising strongly after taking strong support at its 20 days simple moving average currently around 1642 level and are expected to rise further from these levels towards immediate strong resistance placed around 38.2% Fibonacci retracement of its fall from high of 2338 till low of 1405, which is placed around 1761 level. Action: Buy
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