MCX ZINC JANUARY: For last few sessions the zinc price has been quoting in a narrow range and is continuously failing to hold above the immediate resistance of 220.50 and during yesterday’s session it dipped lower and once again ended just above the key trend line. Ahead, breakdown of trend line support will provide a sharp correction till 216 then 214 levels. Thus, we recommend selling on break of 218 for above mentioned targets. Action: Sell
MCX CPO FEBRUARY: After opening at 556, the CPO prices witnessed sharp bounce and surged till the high of 565.50 and finally ended at 564.80. CPO price has penetrating the immediate trend line resistance and has confirmed bullish breakout. Therefore, the prices are likely to extend it gains till the immediate resistance of 572 then 580 levels coming sessions. Action: Buy
NCDEX KAPAS APRIL: In yesterday’s session, although the Kapas price penetrated the trend line support, but it managed to hold above the support of 980 and finally ended at 985 mark. Ahead, if the price slips below 980 then a sharp correction is likely to seen till 955 and lower. Thus, we continue to recommend selling below 980 for targets of 955 and lower. Action: Sell
MCX MENTHA OIL FEBRUARY: In line with expectation, Mentha oil prices rebounded after taking supports of 1500 levels and surged till the high of 1562 and finally ended at 1550. Now the immediate resistance is seen at 1580 and surpass above that will extend further till 1630 levels. So, for the day we expect Mentha oil prices are likely rise till the immediate resistance of 1580 then 1600. Thus, we recommend buying on minor dips around 1538 levels. Action: Buy.
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