MCX NICKEL DECEMBER: In line with expectation, Nickel prices witnessed stiff resistance of the trend line around 760 levels and ended on a sideway’s note. Ahead, if the nickel price fails to surpass the resistance then a sharp correction can be seen till 725 then 708 levels. Therefore we, recommend selling around 755 levels with stop loss at 770. Action: Sell
MCX MENTHA OIL JANUARY: After witnessing massive fall from the high of 2018 till 1563 levels the mentha oil January contract price rebounded sharply on Tuesday and ended at 1696 gaining 4%. The price has breached the immediate falling trend line resistance and therefore it could provide a relief rally till 50% retracement of 1790 levels in coming sessions. Therefore, we advise buying on minor dips at 1670 levels for the day. Action: Buy
NCDEX TURMERIC JANUARY: Turmeric prices remained marginally higher during yesterday’s session and ended at 7550 mark. The price is inching higher along with the trend line support and the immediate resistance is at 7584 surpass above that will extend the commodity till 7760 then 7860 levels. Therefore we continue recommend buying around 7520 for the targets of 7760 then 7860 levels. Action: Buy
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NCDEX GUAR SEED JANUARY: For the fifth straight session Guar seed prices extended its gains and rose till the high of 3965 and finally ended at 3953. Price have penetrated the trend line resistance of and settled just above that. Ahead, the price is likely move further towards the resistance of 4015 and thus recommend buying around 3950 levels for the day. Action: Buy
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