MCX COPPER FEBRUARY: After witnessing sharp bounce on Thursday, Copper prices opened on a flat note at 455.90 during Friday’s session and rose till the high of 457.90 but and in the second half it turned down and erased all the gains and ended near the day’s low of 451.85. Now the immediate support is at 449.80, break down below this will once again dip the price lower till 443 levels. Thus, we recommend selling below 449.80 for above mentioned targets. Action: Sell
MCX ZINC JANUARY: Zinc prices once gain reclaimed higher by breached the previous high of 221.25 and inched till 222.40 and ended at 221.60. Prices’ penetrating the previous high has provided a bullish break out for upside targets of 225 and higher. For the day, the support is at 221.25 and we recommend buying around the same for intraday targets of 224 then 225. Action: Buy
NCDEX COCUD FEBRUARY: On Thursday, cocud prices extended its fall and declined till the low of 1664 and ended at 1672. Price has been continuously slipping lower and it is likely to extend further till the trend line supports of 1598 levels in coming sessions. Thus, we recommend selling around 1690 for above mentioned targets of 1640 then 1600 levels. Action: Sell
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MCX MENTHA OIL FEBRUARY: On Thursday, mentha oil prices finally breached the key trend line support of 1510 and dipped till the low of 1488 and settled at 1504. The price breaching support has confirmed a bearish break down and according to the retracement level the next support is seen at 1445. Thus, we recommend selling around 1508 for immediate targets of 1470 then 1450. Action: Sell.
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