MCX ZINC DECEMBER: On Wednesday, Zinc prices extended its rally till the trend channel resistance of 207.75 and reverted back in later session and ended at 205.75. Price is moving within the falling trend channel and now it’s revering back from the resistance levels. So, going forward we expect the commodity to move towards downside and thus we recommend selling around 206.50 for targets of 202.50 then 201. Action: Sell
NCDEX RM SEED JANUARY: After correcting from the high of 4190 till 3930 levels, RM seed prices have been consolidating near the trend line supports. On the broader scenario, RM seed price is moving within the rising trend channel and therefore we could see prices rebounding from the supports and inching higher in coming sessions. Thus, we recommend buying around 3970 for immediate targets of 4050 then 4080. Action: Buy
NCDEX TURMERIC JANUARY: In line with expectation turmeric prices move up sharply on Wednesday and ended at day’s high of 7730. Ahead, the next resistance is at 7860 and the price will continue to remain upward and recommend buying on dips around 7640 levels for targets of 7860 then 8000. Action: Buy
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NCDEX JEERA JANUARY: 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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