MCX ZINC JAN: Zinc prices rose strongly in the previous session and made a fresh 7 week’s high of 213.80. Prices have broken out from its short term declining trend line resistance and also closed above the same in the last session. Prices are expected to continue this rally in the near term and rise further towards next resistance placed around its previous swing high of 216.55. On the lower side immediate supports are placed around 212.40 and 210.90 levels. Action: Buy
NCDEX SOYBEAN FEB: Soybean prices continued its recovery in the last session after taking strong support at its short term rising trend line. Prices have also taken strong support around its 20 days simple moving average currently around 3107 level and prices have not closed below the same in the previous two weeks. Prices are expected to hold these supports and rise towards immediate resistance placed around its recent high of 3173. Action: Buy
NCDEX GUAR GUM FEB: Guar gum prices rose further in the last session after taking strong support at its previous declining trend line break out level currently placed around 9020 level. Prices are expected to rise further from these levels towards immediate resistance placed around its recent high of 9258 and further towards 9400 levels. On the lower side immediate supports are placed around 9075 and 9020 levels. Buying in minor pullbacks is recommended in Guar gum for the day. Action: Buy
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NCDEX CASTOR FEB: Castor seed prices continued its fall in the last session and prices fell till low of 4362. Prices have broken down from its short term rising trend line support and also closed below the same in the last session. Prices are expected to fall further from these levels towards immediate support placed around its previous bottom of 4326. On the higher side immediate resistances are placed around 4380 and 4417 levels. Selling on rise is recommended in Castor seed for the day. Action: Buy
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