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 Que:- Trading Buy NCDEX Kapas  CMP--773  btwn(772 -775) SL---759 BFP---795/810 1-2 days(For disclaimer visit www.devangvisaria.com )

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COMMODITIES TO WATCH MCX Gold Dec

MCX Gold Dec CMP— Rs 26768.00
Technical Outlook & Trading Strategy:-

After the  sharp  correction  from  the  all  time  highs  of  Rs 28744  levels,  the  price  of  Gold  have  been  rading  in  an extremely  narrow  range  over  the  past  2-3  weeks  of  trade.  But  the  prices  have  been  taking  support  at  its  key moving average clusters on every correction. It has also closed at its 34 day EMA during the previous session. We believe that a sustained break above the Rs 26800 levels will see the price of gold breaking out of this trading range and thus test levels of Rs 26950 / Rs 27140 levels.

We recommend traders to take long positions above Rs 26800 levels with a stop loss placed below Rs 26663 levels for upside targets of mentioned above.

NCDEX PEPPER Nov Contract – Technical Outlook & Trading Strategy

The  price  of  pepper  witnessed  a  strong  rally  from  the  lows  of  Rs 27900  levels  to  register  an  all
time high of Rs 37190 levels. Since then the price of pepper have been trading in a narrow range. But,  the  key  observation  to  be  made  on  the  chart  above  is  the  formation  of  a  bearish  Head  & shoulder  price  pattern  with  a  declining  neckline  support  within  this  trading  range.  Traders would note that the formation of this pattern is an extremely bearish sign and can lead to severe correction in the future price movements of an index/stock/commodity. The neckline support for the  said  pattern  in  placed  at  the  Rs 34800  levels.  We  believe  that  the  price  can  correct  to  its neckline  support  levels  in  the  near  future.  Also,  a  sustained  breakdown  below  this  neckline support  will lead to an  increase in  supply pressure and this could open up downside targets of Rs 33800 levels.

Another  technical  factor  that  confirms  the  bearishness  depicted  by  the  price  action  is  the  sell
signal given by the RSI indicator backed by a negative divergence.

We recommend traders to sell below Rs 35300 levels with a stop loss placed above Rs 35897 levels for downside targets of Rs 34750 / Rs 33800 levels.

COMMODITIES TO WATCH 14th Oct

NCDEX Soya Oil Ref Nov CMP—Rs 594.65

Technical Outlook & Trading Strategy:-
The price of Soya Oil ref witnessed a pullback from oversold levels during the past 2-3 sessions of trade. The fall witnessed during the previous sessions has led to the formation of a 2-bar bearish reversal pattern on the daily charts. This is a sign that the price can now test is recent lows. The momentum indicators continue to trade in bearish mode despite the recent pullbacks.

We recommend traders to take short positions between Rs 593.90--Rs 596 levels with a stop loss placed above Rs 599.40 levels for downside targets of Rs588 / Rs 582 levels expected to be achieved over the upcoming 3-4 sessions of trade.

MCX ALUMINIUM OCT Contract – Technical Outlook & Trading Strategy

The levels between Rs 105 to Rs 112.50 have been the broad trading range for the price of aluminium for the past few sessions of trade. But, the key observation to be made on the chart above is the formation of a bearish Head & shoulder price pattern within this trading range.

Traders would note that the formation of this pattern is an extremely bearish sign and can lead to severe correction in the future price movements of an index/stock/commodity. The neckline support for the said pattern in placed at the Rs 106 levels. We believe that the price can correct to its neckline support levels in the near future.

Another technical factor that confirms the bearishness depicted by the price action is the sell
signal given by the RSI indicator backed by a negative divergence.


We recommend traders to sell below Rs 107.35 levels with a stop loss placed above Rs 108.85 levels
for downside targets of Rs 106 / Rs 104.75 levels.

COMMODITIES TO WATCH 11th Oct

NCDEX KAPASRNR Apr2012 CMP—Rs 732.80

Technical Outlook & Trading Strategy:-

After the sharp correction from the highs of 780.80 levels, the price of Kapas had been consolidating within a
narrow range of Rs 739.50 to Rs 719 levels. But, the price action of Kapas within this consolidation range has taken the shape of a bullish inverted head & shoulders price pattern. Traders would note that this is an extremely bullish price pattern and is a sign that the price of Kapas will trade with a positive bias for the upcoming few sessions of trade.

We recommend traders to take Long positions between Rs 735--Rs 730 levels with a stop loss placed below Rs 717.40 levels for upside targets of Rs 750 / Rs 775 levels expected to be achieved over the upcoming 4-5 sessions of trade.

MCX LEAD OCT Contract – Technical Outlook & Trading Strategy

The price of Lead has been consolidating between Rs 100.50 to Rs 94.50 levels over the past few sessions of trade. The price was also facing stiff resistance at its 8-day moving average on pullbacks. But, the smart move witnessed during the previous session of trade has helped the price of lead to register a close above its key near term moving average. This is a sign that the prices of lead are going to trade with a positive bias and thus test levels of Rs 99.50 and / or Rs101.25 levels.

Strong surge in volumes and a fresh buy signal given by the MACD indicator support the bullish price action mentioned above.

We recommend traders to buy between Rs 97.50--Rs 98.25 levels with a stop loss placed above Rs 96.40 levels for upside targets of Rs 99.75 / Rs 101.25 levels expected to be achieved over the upcoming 3-4 sessions of trade.

COMMODITIES TO WATCH 10 Oct

 NCDEX Pepper Oct CMP—Rs 36100.00


Technical Outlook & Trading Strategy:-

We reiterate our bullish bias on the price of pepper. As mentioned in our previous note the price of pepper was
consolidating in a narrow trading range over the past few sessions of trade, since it corrected from its all time
highs. The key moving average clusters have been providing good support for the price of pepper. The
momentum indicators continue to trade in buy mode despite the recent correction.
We recommend day / positional traders to take Long positions between Rs 36040-- Rs 36200 levels with a stop loss placed below Rs 35620 levels for upside targets of Rs 36780 / Rs 370000 levels.

NCDEX JEERA OCT Contract – Technical Outlook & Trading Strategy

The price of Jeera witnessed a sharp correction during the previous week. This steep fall took the indicators into extremely oversold zone. The key observation to be made is the 3-bar reversal candlestick pattern as highlighted in the chart above. Also, the RSI indicator has come out of the oversold zone indicating that the prices could now pullback from lower levels and in the process test its key moving average clusters placed around the Rs 15000—Rs15150 price zones.

Hence, the current technical setup suggests that the prices of Jeera can trade in pullback mode.

We recommend traders to buy between Rs 14760--Rs14660 levels with a stop loss placed below `14509 levels for upside targets of Rs15000 / Rs15150 levels expected to be achieved over the upcoming 2-3 sessions of trade.

MCX Pepper Oct CMP—Rs 35840.00

Technical Outlook & Trading Strategy:-

We reiterate our bullish bias on the price of pepper. As mentioned in our previous note the price of pepper was consolidating in a narrow trading range over the past few sessions of trade, since it corrected from its all time highs.

The key moving average clusters have been providing good support for the price of pepper.

The momentum indicators continue to trade in buy mode despite the recent correction.

We recommend day / positional traders to take Long positions on a break above Rs 36200 levels with a stop loss placed below Rs 35620 levels for upside targets of Rs 36780 / Rs 370000 levels.

MCX ZINC OCT Contract – Technical Outlook & Trading Strategy

The price of Zinc has been trading in a narrow range of Rs 90 to Rs 93.80 levels since it witnessed a sharp correction from the highs of Rs 105.15 levels as on 13th Sep, 2011.

But the most important observation to be made on the charts of Zinc is the positive divergence displayed by the RSI indicator.

It signals that the downward movement of the price could have lost force and in all
likelihood this can lead to some kind of an advance.

Hence, the current technical setup suggests that a sustained break above the 8 day moving average placed at the Rs 93 levels will see the price of zinc testing levels of Rs 95.60 and/or Rs 97.50 levels on the upside.

We recommend traders to buy on a break above Rs 93 levels with a stop loss placed below Rs 91.45 levels for upside targets of Rs 95.60 / Rs 97.50 levels expected to be achieved over the upcoming 3- 4 sessions of trade.

MCX ZINC OCT. CONTRACT OPEN Rs 92.40 HIGH Rs 92.75 LOW Rs 90.75 CLOSE Rs 92.50

MCX Pepper Oct CMP—Rs 36005.00

Technical Outlook & Trading Strategy:-

The price of pepper was consolidating in a narrow trading range over the past few sessions of trade, since it corrected from its all time highs.

The key moving average clusters have been providing good support for the price of pepper.

The price witnessed a smart upmove during the previous sessions of trade and closed above this narrow trading range.

The momentum indicators continue to trade in buy mode despite the recent correction.
We recommend day / positional traders to take Long positions on a break above Rs 36200 levels with a stop loss placed below Rs 35620 levels for upside targets of Rs 36780 / Rs 370000 levels.

NCDEX JEERA OCT Contract – Technical Outlook & Trading Strategy

The price of Jeera has been trending up for the past few years. Every correction from higher levels has been taking support at the rising trendline.

But, the first bearish signal arose when the recent rally that began from the trendline support could only register a lower top of Rs 16948 levels as on 24th June, 2011.

The recent sell-off from the highs mentioned above has dragged the prices below its moving average clusters support.

This could see the price of Jeera correcting towards levels of Rs 14240 / Rs 13970. The MACD indicator has given a fresh sell signal backed by a negative divergence.

We recommend traders to sell between Rs 14550--Rs 14430 levels with a stop loss placed above Rs 14773 levels for down targets of Rs 14240 / Rs 13970 levels expected to be chieved over the upcoming 3-4 sessions of trade.

MCX Crude Oct CMP—Rs 3835.00

Technical Outlook & Trading Strategy:-

We reiterate our bearish outlook on the price of crude. As mentioned in the previous update the price action of crude since 24th Aug, 2011 has been taking shape of a bearish Head & shoulders pattern on its daily charts.

The price has now approached its neckline support levels placed around the Rs 3820--Rs 3800 levels.

Sustenance below these levels will lead to severe corrections in the prices of crude oil.

We recommend day / positional traders to take short positions between Rs 3850--Rs 3790 levels with a stop loss placed above Rs 3889 levels for downside targets of Rs 3740 / Rs 3700 levels expected to be achieved over the upcoming 2-3 sessions of trade.

NCDEX CHANA OCT Contract – Technical Outlook & Trading Strategy

The price of Chana fell sharply from the highs of Rs 3700 levels during the last week.

The correction took the price its key support levels established by the Fibonacci retracements and moving average clusters.

One can clearly see from the chart above, that the price gave a smart bounce from these support levels and this led to the formation of a two bar bullish reversal pattern on the daily charts of Chana.

These technical factors suggest that the price of Chana is likely to give a pullback and thus test levels of Rs 3275 / Rs 3355 levels over the upcoming week.

We recommend traders to buy 50% between Rs 3200--Rs 3180 levels and 50% on dips between Rs 3139--Rs 3120 levels with a stop loss placed below Rs 3089 levels for upside targets of Rs 3275 / Rs 3355 levels expected to be achieved over the upcoming 3-4 sessions of trade.

MCX Crude Oct CMP—Rs 3933.00

Technical Outlook & Trading Strategy:-

The price action of crude since 24th Aug, 2011 has been taking shape of a bearish Head & shoulders pattern on its daily charts.

This is an extremely bearish price pattern and signifies distribution and can lead to severe correction in the price of an index/stock or a commodity.

The prices have been trading below its key moving average clusters and the momentum indicators have been trading in sell mode.

We recommend day / positional traders to take short positions between Rs 3920--Rs 3950 levels with a stop loss placed above Rs 3993 levels for downside targets of Rs 3875 / Rs 3840 levels expected to be achieved over the upcoming 2-3 sessions of trade.

MCX NICKEL OCT Contract – Technical Outlook & Trading Strategy

The price of Nickel has been in a downtrend since it started correcting from the highs of Rs 1327 levels as on 21st Feb, 2011.

As outlined in the chart above, the prices have been facing supply pressure at the downtrend line resistance.

After the sharp fall witnessed during the past week the prices were trading in a narrow range.

It, has now registered a Reverse pennant / Bearish Flag pattern breakdown as shown in the chart above.

The Bearish/ Reverse flag pattern breakdown is a continuation pattern and suggests that Index / stock or the commodity prices will continue with its downtrend and move down further after consolidating for a few sessions of trade.

The momentum indicators continue to trade in sell mode despite the recent pullback from lower levels.

We recommend traders to sell between Rs 880--Rs 870 levels with a stop loss placed above Rs 899.40 levels for downside targets of Rs 848 / Rs 827 levels expected to be achieved over the upcoming 3-4 sessions of trade.

NCDEX Turmeric Oct CMP—Rs 4566.00

Technical Outlook & Trading Strategy:-

The price of turmeric has been in a strong downtrend since the past 1year and the prices have gone through severe correction.

But, the first technical factor that signals a near term to short term reversal in the trend is that the momentum indicators are giving a buy signal.

Secondly, the price has registered a close above its 8day moving average which had been acting as stiff resistance on every pullback and finally the steady rise in volumes signal a reversal.

We recommend day / positional traders to take long positions between Rs 4600--Rs 4520 levels with a stop loss placed below Rs 4449 levels for upside targets of Rs 4725 / Rs 4850 levels expected to be achieved over the upcoming 2-3 sessions of trade.

MCX ALUMINIUM OCT Contract – Technical Outlook & Trading Strategy

The price of Aluminium witnessed a mild correction from its downtrend line resistance levels which brought it into its strong support zones of Rs 106.25--Rs 107.80 levels.

We would like to point out that this strong support held on even when the other base metals witnessed severe correction on the back of huge supply during the previous few sessions of trade.

The steady rise in volumes over the past few sessions of trade is probably a sign of accumulation in the counter at these support levels.

The RSI indicator has also given a buy signal backed by a positive divergence. All the above mentioned technical factors point that the price of aluminium are likely to witness a pullback towards the Rs 112.25 / Rs 113 levels and test its downtrend line resistance.

We recommend traders to buy between Rs 109.25--Rs 108.75 levels with a stop loss placed below Rs 107.45 levels for upside targets mentioned above.

MCX ALUMINIUM OCT. CONTRACT OPEN Rs 107.70 HIGH Rs 109.25 LOW Rs 107.20 CLOSE Rs 109.15

MCX Crude Oil Oct CMP—Rs 4029.00

Technical Outlook & Trading Strategy:-

The price action of Crude oil since 26th Aug, 2011 levels has been taking shape of a bearish head & shoulders price pattern on its intraday charts.

The formation of this price pattern is a bearish sign and further weakness from current levels could bring about a sharp correction in the prices of crude oil.

The momentum indicators are trading in sell mode and still showing signs of weakness despite the recent pullback from the lows of Rs 3853 levels.

We recommend day / positional traders to take short positions between Rs 4050--Rs 4005 levels with a stop loss placed above Rs 4101 levels for downside targets of Rs 3940 / Rs 3890 levels.

NCDEX SOYAOIL REF. OCT Contract – Technical Outlook & Trading Strategy

The price of Soya oil witnessed a sharp correction from the highs of Rs 659.45 levels as on 14th Sep, 2011 and broke down below its key support zones placed between the Rs 639--Rs 637.40 levels.

Traders would also note from the chart above that the recent correction was on the back of strong surge in volumes, indicating strong supply pressure in the counter.

Some of the other technical factors that support the bearish outlook are that the price is now trading below its moving averages and the MACD indicator is also trading in sell mode.

We believe that the price of soya oil can test levels of Rs 624.50 / Rs 621.75 levels.
We recommend traders to sell between Rs 629.25--Rs 631.50 levels with a stop loss placed above Rs 635.65 levels for downside targets mentioned above.

NCDEX Jeera Oct CMP—Rs 15354.00

Technical Outlook & Trading Strategy:-

The price of Jeera has been on a decline since it registered a high of Rs 17729 levels as on 26th Jul, 2011.

But the key point to be noted is that the price action of Jeera over the past couple of sessions has formed a two bar bullish reversal pattern on the daily charts.

This could see the price of Jeera testing levels of Rs 15650 levels in a span of 1-2 sessions of trade.

We recommend day / positional traders to take long positions between Rs 15390--Rs 15330 levels with a stop loss placed below Rs 15207 levels for upside targets of Rs 15525 / Rs 15650 levels.

NCDEX PEPPER OCT Contract – Technical Outlook & Trading Strategy

The price of Pepper is currently in a strong uptrend. The prices witnessed a slight correction since it registered a high of Rs 37190 levels as on 22nd Sep, 2011.

As outlined in the chart above the price gave a smart bounce from the 23.6% Fibonacci retracement levels.

The formation of the 2 bar bullish reversal pattern also confirms that the prices might have completed the pullback and likely to continue with their uptrend.

Apart from the Fibonacci retracement support the key moving average clusters are also providing good support for the prices of pepper.

A move past the Rs 36200 levels will see the prices of pepper move towards its recent swing highs or even surpass those levels.

NCDEX RM Seed Oct CMP—Rs 2902.00

Technical Outlook & Trading Strategy:-

The price of Mustard seed has been on a decline since it registered a high of Rs 3080 levels as on 01st Aug, 2011.

Since then it has been taking support at its downward sloping trend line support on its daily charts.

But the price has now registered a breakdown from this downwards sloping trend line and this is likely to have negative implications for the price.

The price has also closed below its key moving average clusters on the daily charts and

the indicators are also trading in bearish mode.

We recommend traders to take short positions between Rs 2915--Rs 2895 levels with a stop loss placed above Rs 2953 levels for downside targets of Rs 2850 / Rs 2825 levels.

MCX CRUDEOIL OCT Contract – Technical Outlook & Trading Strategy

The price of Crude Oil faced heavy selling pressure over the past few sessions of trade as it

corrected from the highs of Rs 4313 levels to register a low of Rs 3853 levels during the previous session.

But the key observation to be made is that the price of crude has registered an inverted head and shoulders pattern breakout on its intraday charts during the previous session.

This is a bullish formation and the measuring implication of the pattern suggests that the price can advance to levels of Rs 4080 and/or Rs 4120 levels.

The momentum indicators have also turned into buy mode signaling a near term to short term reversal in the counter.

We recommend traders to buy between Rs 4020--Rs 3980 levels with a stop loss placed below

Rs 3933 levels for upside targets of Rs 4080 / Rs 4120 levels expected to be achieved in 1-2 sessions of trade.

NCDEX Guarseed Oct CMP—Rs 4694.00

Technical Outlook & Trading Strategy:-

The price of Guarseed has been trading in a rising channel since 10th Aug, 2011. Corrections from higher levels have been taking support at the moving average clusters.

The momentum indicators continue to trade in bullish mode. A break above the Rs 4743 levels will infuse fresh upside momentum into the counter.

We recommend traders to take long positions on a break above Rs 4743 levels with a stop loss placed below Rs 4673 levels for immediate upside targets of Rs 4830 / Rs 4860 levels.

NCDEX CHANA OCT Contract – Technical Outlook & Trading Strategy

The price of Chana has been in strong uptrend over the past 3-5 months. Every correction from

higher levels have halted and taken support at the key moving average clusters.

One can clearly see from the chart above that the prices took support at the 8 day moving average and gave a smart bounce during the previous session of trade on the back of strong volume.

The overall technical structure remains bullish and a move past the Rs 3687 levels will lead to a fresh rally in the price of Chana.

The MACD indicator has been continuously trading in bullish mode. We recommend traders to buy on a break above Rs 3687 levels with a stop loss placed below Rs 3623 levels for upside targets of Rs 3755 / Rs 3780 levels expected to be achieved in 3-4 sessions of trade.

NCDEX Jeera Oct CMP—Rs 15765.00

Technical Outlook & Trading Strategy:-

The price of Jeera witnessed a smart rally from the lows of Rs 14780 levels as on 16th Sep, 2011 to register a high of Rs 16094 levels as on 21st Sep, 2011.

But, the key observation to be made is that the fall witnessed during the previous sessions of trade has led to the formation of a two bar bearish reversal pattern on the daily charts.

This can lead to some kind of correction in the price of Jeera which could see it testing its moving average clusters.

We recommend Day / Positional traders to take short positions between Rs 15740--Rs 15800 levels with a stop loss placed above Rs 15927 levels for immediate downside targets of Rs 15600 / Rs 15495 levels.

MCX CRUDE OCT Contract – Technical Outlook & Trading Strategy

As outlined in the chart above the price action of crude oil since 07th Sep, 2011 to 21st Sep, 2011
took the shape of a bearish Head & shoulders price pattern.

 The heavy selling pressure witnessed during the previous session of trade led to a severe breakdown in crude oil prices below its neckline support placed at the `4074 levels.

We would like to point out that this is an extremely bearish signal for the price of crude and any pullback from current levels will meet selling pressure.

The measured implication of the price pattern gives a downside target of Rs 3865 levels over the short term to medium term time frame.

The RSI indicator has been continuously trading with negative divergence despite the recent pullbacks supporting the bearish developments in price action.

We recommend traders to sell 50% at current levels and 50% on rise between Rs 4061--Rs 4075 levels with a stop loss placed above Rs 4123 levels for immediate downside targets of Rs 3940 / Rs 3865 levels expected to be achieved in 3-4 sessions of trade.

MCX CRUDEOIL OCT. CONTRACT OPEN Rs 4184 HIGH Rs 4184 LOW Rs 4005 CLOSE Rs 4018

NCDEX Soya Oil Ref Oct CMP—Rs 653.65

Technical Outlook & Trading Strategy:-

We reiterate our bullish bias on the price of Soya Oil Ref. The price of soya oil has taken good support around its key moving average clusters placed between the Rs 650-Rs 648.50 levels.

Moreover, the price of soya oil has formed a two bar bullish reversal candlestick pattern on its daily charts at these key support levels.

Thus, we recommend traders to buy between Rs 654.25--Rs 652 levels with a stop loss placed below Rs 647.85 levels for upside targets of Rs 657 / Rs 661 levels.

MCX Zinc Sep Contract – Technical Outlook & Trading Strategy

The price of Zinc made a bearish double top pattern at the key resistance placed around the 200

DMA during the past week.

The selling pressure witnessed during the previous session of trade has now led to a breakdown below the important support levels placed at the Rs 99.70 levels.

Sustenance below this key support will see the price of zinc fall towards the implied targets of

Rs 97 and/or Rs 94.90 levels in the near term time frame.

Some of the other technical factors that add strength to the bearish price action above are that the fall witnessed over the past few sessions have been on the back of strong surge in volume and the MACD indicator has given a fresh sell signal.

We recommend traders to sell between Rs 100--Rs 99 levels with a stop loss placed above Rs 101.15 levels for immediate downside targets of Rs 97.75 / Rs 96.50 levels expected to be achieved in 2-3 sessions.

MCX ZINC SEP. CONTRACT OPEN Rs 100.70 HIGH Rs 101.25 LOW Rs 99.30 CLOSE Rs

NCDEX Soya Oil Ref Oct CMP—Rs 648.80

Technical Outlook & Trading Strategy:-

The price Soya Oil Ref has given a pullback from the highs of Rs 659.45 levels as on 14th Sep,2011 towards its key moving average clusters support placed between the Rs 648 to Rs 649 levels .

Moreover, the important observation to be made is that the price has made a bullish hammer pattern on the moving average cluster support.

A sustained move past the Rs 650.50 levels will see the price of soya oil rally towards the Rs 654.25 / Rs 660 levels.

Thus, we recommend traders to buy on a break above Rs 650.55 levels with a stop loss placed below Rs 646.80 levels for upside targets of Rs 655 / Rs 660 levels.

MCX SILVER DEC Contract – Technical Outlook & Trading Strategy

The price of Silver has been trading between ranges of Rs 66700 to Rs 63000 levels over the past few sessions of trade.

But as outlined in the hart above, the overall price pattern of silver has taken shape of a Bearish descending triangle pattern.

A sustained break below the key support levels outlined above will bring about severe correction in the price of silver.

The moving average clusters placed above will act as stiff resistance for the price on pullbacks.

The MACD indicator is also adding strength to the bearish argument mentioned above as it

continues to trade in sell mode even after pullbacks.

We recommend traders to sell between on a sustained break below Rs 62980 levels with a stop

loss placed above Rs 63427 levels for downside targets of Rs 62350 / Rs 62000 levels expected to be achieved in 1-2 sessions on a break below the above mentioned levels.

NCDEX Chana Oct CMP—Rs 3572.00

Technical Outlook & Trading Strategy:-

The price of Chana is currently trading in a rising channel on its intraday charts. The price has witnessed a strong upmove over the past few sessions of trade backed by robust volumes.

A running breakout will be registered on a sustained move above the uptrend line resistance of the rising channel placed at the Rs 3592 levels.

Sustenance above these levels will bring about strong upside momentum into the counter.

Thus, we recommend traders to buy on a break above Rs 3592 levels with a stop loss placed below Rs 3557 levels for upside targets of Rs 3635 / Rs 3660 levels.

NCDEX RMSEED Oct Contract – Technical Outlook & Trading Strategy

The price of RM seed have been trending up over the past 2-3 months of trade since it recoveredfrom its lows of Rs 2640 levels as on 19th Apr, 2011.

The Ascending trendline outlined in the chart above had been providing strong support for the price of RM seed on every correction from higher levels.

But, the recent swing high from the ascending trendline which registered a high of Rs 2985 levels as on 30th Aug, 2011 could only manage to register a lower top on the daily charts.

Moreover, the selling pressure witnessed during the previous session of trade has now dragged

the price below the trendline support on a closing basis.

This is an extremely bearish development and one could now see the price of RM seed trading

with a negative bias over the upcoming few sessions of trade.

We recommend traders to sell between Rs 2945--Rs 2930 levels with a stop loss placed above Rs 2977 levels for downside targets of Rs 2890 / Rs 2860 levels.

NCDEX Guar Seed Oct CMP—Rs 4528.00

Technical Outlook & Trading Strategy:-

The price of Guarseed has registered an inverted head & shoulders pattern breakout on its intraday charts.

The prices have also registered a close above the neckline resistance placed at the Rs 4490 levels on a closing basis.

The key momentum indicators are trading in bullish mode. Thus, we recommend traders to buy between Rs 4540--Rs 4515 levels with a stop loss placed below Rs 4437 levels for upside targets of Rs 4630 / Rs 4720 levels expected to be achieved in 2-3 sessions.

MCX SILVER DEC Contract – Technical Outlook & Trading Strategy

As we had mentioned in our previous few notes, the price of silver have been trading in a well

defined rising channel since 05th Jul, 2011.

The first bearish sign was when the rally that had began from the lows of Rs 58882 levels as on 25th Aug, 2011 couldn’t cross the resistance placed between the Rs 66650—Rs 66890 zones.

The second and the most important bearish event played out during the previous session of trade as the selling pressure dragged the price of silver below its key ascending trendline support on a closing basis.

This ascending trendline had been providing strong support for the prices on every pullback.

The MACD indicator is also trading in sell mode.

We believe that sustenance below the trendline for the upcoming few sessions can lead to severe

corrections in the price of silver and open up downside targets of Rs 61250 and/or Rs 59000.

We recommend traders to sell 50% on rise between Rs 63790--Rs 64000 levels and 50% again

between Rs 64275--Rs 64350 with a stop loss placed above Rs 64727 levels for downside targets

mentioned above.

NCDEX Guar Gum Oct CMP—Rs 13703.00

Technical Outlook & Trading Strategy:-

The price action of Guar gum since10th Aug 2011, has now taken the shape of a head and shoulders price pattern on its intraday charts.

We would like to point out that a head and shoulders price pattern signifies distribution and a breakdown below the neckline support levels will lead to severe correction in prices.

Thus, we recommend traders to sell on a sustained break below Rs 13570 levels with a stop loss placed above Rs 13761 levels for downside targets of Rs 13280 / Rs 13000 levels expected to be achieved in 2-3 sessions once it registers a break below the levels mentioned above.

NCDEX JEERA OCT Contract – Technical Outlook & Trading Strategy

The prices of Jeera have been trending down since it registered a high of Rs 17360 levels as on

25th July, 2011.

An examination of the chart above clearly shows that the key moving average clusters and the downtrend line have been acting as stiff resistance for the price of Jeera on every upmove.

The price witnessed heavy selling pressure around the moving average cluster resistance during the latter half of the trading session as a result of which it registered a close below its 200 DMA. The RSI indicator is also trading in sell mode despite the recent pullbacks.

All the above mentioned technical factors point that the price of Jeera are likely to trade with a

negative bias over the upcoming few sessions.

We recommend traders to sell between Rs 15580--Rs 15660 levels with a stop loss placed above

Rs 15807 levels for downside targets of Rs 15375 / Rs 15050 levels expected to be achieved over the upcoming 3-4 sessions of trade.

NCDEX Guarseed Oct CMP—Rs 4424.00

Technical Outlook & Trading Strategy:-

The price of Guarseed is trading in a narrow range of Rs 4400 to Rs 4460 levels. The key moving average clusters are also providing strong support for the prices on every pullback.

The key momentum indicators continue to trade in bullish mode. We recommend traders to buy on a sustained break above Rs 4462 levels with a stop loss placed below Rs 4407 levels for upside targets of Rs 4530 / Rs 4580 levels expected to be achieved in 2-3 sessions once it registers a break above the levels mentioned above.

MCX NATURALGAS SEPT Contract – Technical Outlook & Trading Strategy

The prices of natural gas were trading between Rs 184.60 to Rs 174 levels over the past few sessions of trade.

But as outlined in the chart above, the price of natural gas have registered a strong breakout above its downtrend line which had been acting as stiff resistance.

Some of the other key technical factors that confirm the validity of the breakout are the strong surge in volumes and the fresh buy signal given by the MACD indicator.

The key moving average clusters will also provide good support for the price of natural gas on pullbacks.

All the above mentioned technical factors point that the price of natural gas will trade with a

positive bias over the upcoming few sessions.

We recommend traders to buy on dips between Rs 187.75--Rs 186.50 levels with a stop loss placed below Rs 184.30 levels for upside targets of Rs 191 / Rs 194.50 levels expected to be achieved over the upcoming 3-4 sessions of trade.

NCDEX Chana Sept CMP—Rs 3323.00

Technical Outlook & Trading Strategy:-

We reiterate our short call on the price of Chana. The price of Chana has registered a breakdown below a rising channel on its intraday charts. Also, the MACD indicator has been continuously trading in sell mode despite the recent rally in price.

Hence, we believe that the price of Chana could go through a corrective phase once it breaks

down the ascending trendline support on a sustained basis.

Thus, traders can go short on a sustained breakdown below Rs 3313 levels. Thus, we recommend traders to sell on a sustained break below to Rs 3313 levels with a stop loss placed above Rs 3357 levels for downside targets of Rs 3262 / Rs 3240 levels.

NCDEX PEPPER SEPT Contract – Technical Outlook & Trading Strategy

The prices of pepper are currently in a strong uptrend. The prices were consolidating in a broad

range of Rs 32540 to Rs 33620 levels over the past few sessions of trade.

But, as outlined in the chart bove the price of pepper has registered a breakout on a closing basis from this consolidation range.

Some of the other key technical factors that confirm the validity of the breakout are the strong surge in volumes and the MACD indicator is also giving a buy signal.

All the above mentioned technical factors point that the price of pepper can start a fresh rally

from current levels.

We recommend traders to buy between Rs 33775--Rs 33625 levels with a stop loss placed below

Rs 33107 levels for upside targets of Rs 34225 / Rs 34575 levels expected to be achieved over the upcoming 2-3 sessions of trade.

MCX Crude oil Sept CMP—Rs 4067.00

Technical Outlook & Trading Strategy:-

The price of crude oil has developed a 3 bar bearish reversal pattern at a key declining trendline. Sustenance below this key declining trendline resistance will see the price of crude oil head southwards from current levels.

The RSI indicator is also trading in sell mode. Thus, we recommend traders to sell 50% at current levels and 50% on rise to Rs 4111--Rs 4125 levels with a stoploss placed above Rs 4153 levels for downside targets of Rs 4010--Rs 3980 levels.

NCDEX CHANA SEPT Contract – Technical Outlook & Trading Strategy

As outlined in the chart above, the price of Chana is currently trading in a well defined rising

channel on its intraday charts.

But, the key observation to be made is that, the MACD indicator has been continuously trading in sell mode despite the recent rally in price. Hence, we believe that the price of Chana could go through a corrective phase once it breaks down the ascending trendline support on a sustained basis.

Thus, traders can go short on a sustained breakdown below Rs 3313 levels. We recommend traders to sell on a sustained break below to Rs 3313 levels with a stop loss placed above Rs 3357 levels for downside targets of Rs 3262 / Rs 3240 levels.

NCDEX Guar seed Sept CMP—Rs 4467.00

Technical Outlook & Trading Strategy:-

We reiterate our bullish call on the price of Guarseed. The prices have given a strong breakout on the back of a bullish reversal price pattern on its intraday charts.

We expect the upside momentum to continue and reckon that the price is likely to rally towards Rs 4540 / Rs 4575 levels.

Traders who had already entered as per our previous recommendation can taken full profits, while aggressive traders can look to buy on dips between Rs 4440--Rs 4410 levels with a stoploss placed below Rs 4377 levels for upside targets mentioned above.

MCX SILVER DEC Contract – Technical Outlook & Trading Strategy

As outlined in the chart above, the price of silver is currently trading in a well defined rising

channel on its daily charts.

The key observation to be made on the chart above is that after correcting from the highs of Rs 66893 levels the prices took support at the ascending trendline and have now formed a 3-bar bullish reversal pattern at this key support.

This bullish reversal price pattern suggests that the prices are likely to trade with a positive bias for the upcoming few sessions of trade.

The price is also taking support at its moving average clusters and any dips towards the moving averages should be used by traders to buy into the counter.

We recommend traders to buy on dips to Rs 64900—64600 levels with a stop loss placed below

Rs 64237 levels for upside targets of Rs 66000 / Rs 66850 levels expected to be achieved over the upcoming 2-3 sessions of trade.

NCDEX Guar seed Sept CMP—Rs 4398.00

Technical Outlook & Trading Strategy:-

After correcting from the highs of Rs 4564 levels, the price of Guarseed was trading in a broad range of Rs 4350—Rs 4270 levels over the past few sessions of trade.

Also, the price action of Guarseed within this broad range took the shape of a bullish double bottom pattern and a breakout was registered during the previous session on the back of robust volume.

We expect the upward momentum to continue for the upcoming few sessions of trade and thus recommend traders to buy between Rs 4365--Rs 4380 levels with a stoploss placed below Rs 4319 levels for upside targets of Rs 4440 / Rs 4475 levels, expected to be achieved over the upcoming 2-3 sessions of trade.

MCX LEAD SEP Contract – Technical Outlook & Trading Strategy

The price of lead witnessed a fairly sharp correction from the highs of Rs 118.95 levels as on 31st

Aug, 2011 to register a low of Rs 111.20 levels recently.

But, as shown in the chart above, the price action of Lead over the past few session of trade has taken shape of a bullish inverted head & shoulder pattern on its intraday charts.

This is a bullish reversal price pattern and suggests that the prices are likely to start a near/short term uptrend once it gives a sustained break above the neckline resistance placed at the Rs 113.30 levels.

Some of the other key technical indicators that support the bullish argument mentioned above are that the MACD indicator is trading in buy mode and the prices are also sustaining above its key moving average clusters.

We recommend traders to buy above Rs 113.30 levels with a stop loss placed below Rs 112.05 levels for upside targets of Rs 114.75 / Rs 115.50 levels expected to be achieved over the upcoming 2-3 sessions of trade.

NCDEX Mustard (RM Seed) Sept CMP—Rs 2886.00

Technical Outlook & Trading Strategy:-

We reiterate our bearish bias on the price of RM seed. As mentioned in our previous commodity note, the price of RM seed has now broken below its Ascending trendline support on a closing basis. Moreover, the bearish
development on the price is also supported by the sell signals given by the momentum indicators.

We recommend traders to sell between Rs 2895--Rs 2881 levels with a stoploss placed above Rs 2923 levels for downside targets of Rs 2850 / Rs 2830 levels, expected to be achieved over the upcoming 2-3 sessions of trade.

NCDEX PEPPER SEP Contract – Technical Outlook & Trading Strategy

As outlined in the chart above, the price action of Pepper over the past few session of trade has taken shape of a bearish head & shoulder pattern on its intraday charts. The measuring implication of the pattern gives a downside target of Rs 32675 / Rs 32425 levels. Sustenance below the neckline support will see the price of pepper decline towards the above mentioned implied target levels. Some of the other key technical indicators that support the bearish argument mentioned above is that the MACD indicator is trading in sell mode even when the price has given a pullback and the prices have also closed below its key moving average clusters which had been providing good support for the price during the recent rally.


We recommend traders to sell between Rs 33000--Rs 33125 levels with a stop loss placed above
Rs 33529 levels for downside targets of Rs 32675 / Rs 32425 levels expected to be achieved over the
upcoming 2-3 sessions of trade.

MCX Gold Oct CMP—Rs 28485

Technical Outlook & Trading Strategy:-

The price of Gold has registered a fresh life high with the consolidation breakout witnessed during the previous session of trade.

A Fibonacci Extension of the recent corrective move suggests that the current breakout would

see the price of Gold hit upside targets of Rs 28746--Rs 29528 levels.

We recommend traders to buy on dips between Rs 28300--Rs 28200 levels with a stoploss placed below Rs 28079 levels for upside targets of Rs 28750 / Rs 29000 levels, expected to be achieved over the upcoming 2-3 sessions of trade.

NCDEX Pepper Sept CMP—Rs 33150

Technical Outlook & Trading Strategy:-

The price of pepper witnessed a strong rally once it registered a breakout above its previous life high of Rs 30999 levels during the previous month. But, the price has been facing resistance between the Rs 33500—Rs 33700 zone over the past few sessions of trade.

The short term momentum indicators are showing signs of weakness indicating that the prices are likely to correct over the upcoming few sessions of trade.

We recommend traders to sell between Rs 33225--Rs 33075 levels with a stoploss placed above Rs 33637 levels for downside targets of Rs 32700 / Rs 32575 levels, expected to be achieved over the upcoming 2-3 sessions of trade.

NCDEX RM SEED SEP Contract – Technical Outlook & Trading Strategy

The price of RM seed had been trending up over the past 2-3 months of trade since it recovered

from its lows of Rs 2640 levels as on 19th Apr, 2011.

The Ascending trendline outlined in the chart above had been providing strong support for the price of RM seed on every correction from higher levels.

But, the recent swing high from the ascending trendline which registered a high of Rs 2985 levels as on 30th Aug, 2011 could only manage to register a lower top on the daily charts.

Moreover, the selling pressure witnessed during the previous session of trade has now dragged

the price below the trendline support on a closing basis.

This is an extremely bearish development and one could now see the price of RM seed trading

with a negative bias over the upcoming few sessions of trade.

We recommend traders to sell between Rs 2890--Rs 2902 levels with a stop loss placed above Rs 2933 levels for downside targets of Rs 2860 / Rs 2845 levels expected to be achieved over the upcoming 3-5 sessions of trade.

NCDEX RM SEED SEP. CONTRACT OPEN Rs 2915 HIGH Rs 2918 LOW Rs 2887 CLOSE Rs 2894

MCX Zinc Sept CMP—Rs 100.80

Technical Outlook & Trading Strategy:-

We reiterate our bearish bias on the price of Zinc. As we had pointed out in our previous daily trading note the price of Zinc witnessed a sharp fall during the previous session of trade.

Since, the overall price structure remains bearish traders can look to go short around current levels.

We recommend traders to sell between Rs 100.60--Rs 101.40 levels with a stoploss placed above Rs 102.70 levels for downside targets of Rs 99.50 / Rs 98.75 levels, expected to be achieved over the upcoming 2-3 sessions of trade.

NCDEX JEERA SEP Contract – Technical Outlook & Trading Strategy

As outlined in the chart above, the price of Jeera had registered a bearish head & shoulder

pattern breakdown on its intraday charts during the previous week.

The measuring implication of the pattern gives a downside target of Rs 15150 / 14950 levels. Since the short term RSI indicator is already trading in oversold territory, we expect the price of Jeera to bounce back from current levels, towards its near term moving average placed at the 15450 levels.

Thus, traders can look to open up short positions on pullback towards these levels. We recommend traders to sell between Rs 15425--Rs 15475 levels with a stop loss placed above Rs 15689 levels for downside targets of Rs 15150 / Rs 14950 expected to be achieved over the upcoming 3-5 sessions of trade.

NCDEX JEERA SEP. CONTRACT OPEN Rs 15380 HIGH Rs 15411 LOW Rs 15277 CLOSE Rs 15324

NCDEX Turmeric Sept CMP—Rs 5780.00

Technical Outlook & Trading Strategy:-

The price of Turmeric has been in a strong downtrend since it registered a high of Rs 10980 levels as on 09th Mar, 2011.

But the most important observation to be made on the charts of pepper is the positive divergence displayed by the RSI indicator.

It signals that the downward movement of the price could have lost force and in all likelihood gives some kind of a bounce back from the current levels.

We recommend traders to buy 50% now and on dips to Rs 5690--Rs 5660 levels with a stoploss placed below Rs 5637 levels for upside targets of Rs 5975 / Rs 6125 levels, expected to be achieved over the upcoming 3-4 sessions of trade.

MCX ZINC SEP Contract – Technical Outlook & Trading Strategy

After the sharp fall from the highs of Rs 110.90 levels the price of Zinc has pulled back over the past few sessions of trade.

But, some of the recent developments on the charts suggest that the pullback has been completed and the price is now set for a correction over the upcoming sessions of trade.

The first and the foremost bearish signal is the formation of a 3-bar bearish reversal pattern on the daily charts at the 61.8% Fibonacci retracement level as shown in the chart above.

Secondly the recent retracement from the lower levels was on the back of extremely poor volumes which is a clear sign that there wasn’t any real buying interest in the counter.

Finally, the recent swing high was also met by a classic negative divergence on the RSI indicator.

Thus, considering the technical factors mentioned above we expect the price of zinc to correct towards levels of Rs 100.25 / 99 over the upcoming 3-4 sessions of trade.

We recommend traders to sell 50% between Rs 102.10--Rs 102.90 levels and again on rallies to Rs 103.75--Rs 104 levels with a stop loss placed above Rs 104.80 levels for downside targets of
mentioned above.

MCX ZINC SEP. CONTRACT OPEN Rs 104.45 HIGH Rs 104.45 LOW Rs 102.10 CLOSE Rs 102.40

NCDEX Guar Gum Sept CMP—Rs 14605.00

Technical Outlook & Trading Strategy:-

The price of Guar Gum was consolidating in a narrow range over the past few sessions of trade, after it witnessed a correction from the highs of Rs 15525 levels as on 28th Jul, 2011.

The price had been taking support around its key moving average clusters during the recent consolidation.

Another key observation to be made is the steady rise in volumes over the past few sessions of trade, which clearly depicts fresh buying interest creeping into the counter.

The smart upmove witnessed over the past two sessions of trade have also helped the price of Guar Gum to break out of this consolidation range.

Traders can look buy between Rs 14650--Rs 14550 levels with a stoploss placed below Rs 14429 levels for upside targets of Rs 14825 / Rs 15000 levels, expected to be achieved over the upcoming 2-3 sessions of trade.

MCX NATURAL GAS SEP Contract – Technical Outlook & Trading Strategy

The price of Natural gas corrected on the back of a bearish head and shoulder price pattern as
outlined in the chart above.

The recent correction took the price to its key support levels placed around the Rs 176 levels. But, the important observation to be made on the chart above is that, the recent pullback from the lower levels found stiff resistance around the neckline of the head and shoulder price pattern.

Also, the bounce back from the support levels were on the back of extremely poor volumes, which clearly indicates that there wasn’t any real buying interest in the counter.

The MACD indicator is also trading in sell mode despite the recent pullback from lower levels. Hence, we expect the prices of natural gas to correct towards Rs 169.50 and/or Rs 164 levels
on a sustained break below the Rs 176 levels.

We recommend traders to sell 50% on a break below Rs 176 levels and again on rallies to Rs 179.25--Rs 180 with a stop loss placed above Rs 183.10 levels for downside targets of Rs 169.50 / Rs 164 levels, expected to be achieved in 3-4 sessions of trade on a break below Rs 176 levels.

MCX NATURALGAS SEP. CONTRACT OPEN Rs 181.20 HIGH Rs 181.30 LOW Rs 177.00 CLOSE Rs 177.

MCX Gold Oct. CMP—Rs 26376.00

Technical Outlook & Trading Strategy:-

The Precious metals like gold and silver were under severe selling pressure for most of yesterday’s session.

But, the price of gold witnessed a smart recovery from the lows of Rs 25512 levels to close at the Rs 26376 levels.

We would like to point out that the prices of gold has strong support between the Rs 25500—Rs 25375 levels.

The prices of Nickel are also at the 38.2% Fibonacci retracement of the rally that started from the lows of Rs 21631 levels and registered a high of Rs 28284 levels.

Traders can look buy 50% on dips to Rs 26225--Rs 26150 levels and again on dips to Rs 25975--Rs 25900 levels with a stoploss placed below Rs 25847 levels for upside targets of Rs 26650 / Rs 27000 levels, expected to be achieved over the upcoming 2-3 sessions of trade.

MCX SILVER SEP Contract – Technical Outlook & Trading Strategy

The price of silver witnessed a sharp correction from the highs of Rs 66490 levels as on 20th Aug, 2011.

The recent swing low brought the prices of silver towards its ascending trendline support

and its key moving average clusters.

But, the key observation to be made on the chart above is that, the formation of the two bar bullish reversal pattern has signaled that the price of silver has established support at its ascending trendline and would trade with a bullish bias from here on over the near term to short term.

We believe that the price could now rally towards its recent highs of Rs 66490 levels over the upcoming few sessions of trade.

The MACD indicator is also trading in buy mode despite the recent correction. We recommend traders to buy 50% on dips between Rs 61450--Rs 61600 levels and again on dips to Rs 61100--61000 with a stop loss placed below Rs 60517 levels for upside targets of Rs 63800 / Rs 64500 levels, expected to be achieved over the upcoming 3-4 sessions of trade.

MCX SILVER SEP. CONTRACT OPEN Rs 59947.00 HIGH Rs 62200.00 LOW Rs 58882.00 CLOSE Rs 61951.00

NCDEX Mustard Seed Sept. CMP—Rs 2973.00

Technical Outlook & Trading Strategy:-

We reiterate our bullish bias on Mustard seed. The price of mustard seed have witnessed a smart upmove over the past few sessions of trade, after consolidating around its key moving average clusters for the past few sessions of trade.

Also, the recent upmove witnessed over the past few sessions of trade have been backed up by strong rise in volume, which is a sign of buying interest in the counter.

The RSI indicator has also come out of the oversold territory backed by a positive divergence.

Traders who have entered into long positions as per our previous updates can take part profits and trail stop to cost, while traders who wish to take long position can buy between Rs 2977--rs 2965 levels with a stoploss placed below Rs 2937 levels for upside targets of Rs 3010 / Rs 3025 levels, expected to be achieved over the upcoming 3-5 sessions of trade.

MCX COPPER AUG Contract – Technical Outlook & Trading Strategy

The price of copper witnessed sharp correction from the highs of Rs 442.75 levels as on 19th Jul,

2011.

Since then, the price of Copper has been trading is a very narrow range of Rs 406 to Rs 397.50 levels over the past few sessions of trade.

But, the key observation to be made on the chart above is that the price pattern over the last couple of trading sessions have taken the shape of an Inverted Head & shoulder pattern.

This bullish pattern suggests that the prices are likely to break out of the narrow trading range and advance towards levels of Rs 410.25 / Rs 412 over the upcoming few session of trade.

The other technical factor that lends support to the bullish argument is that the MACD indicator is also trading in buy mode.

We recommend traders to buy between Rs 407--Rs 405.75 levels with a stop loss placed below

Rs 403.25 levels for upside targets of Rs 410.25 / Rs 412 levels.

MCX COPPER AUG. CONTRACT OPEN Rs 403.40 HIGH Rs 409.25 LOW Rs 401.90 CLOSE Rs 406.25

NCDEX Guarseed Sept. CMP—Rs 4442.00

Technical Outlook & Trading Strategy:-

The price of Guarseed has come out of a narrow trading range on the back of an inverted head & shoulders price pattern breakout.

The upmove witnessed during the previous session was on the back of strong surge in volumes

which is a sign of buying interest in the counter.

The price has also registered a close above its near term moving average clusters, and the momentum indicators have also given a buy signal.

We recommend traders to buy 50% now and on dips to Rs 4390--Rs 4360 levels with a stoploss placed below Rs 4347 levels for upside targets of Rs 4530 / Rs 4560 levels, expected to be achieved over the upcoming 2-3 sessions of trade.

NCDEX Turmeric Sept. CMP—Rs 6166.00

Technical Outlook & Trading Strategy:-

We reiterate our bullish bias on turmeric. The price of Turmeric has been in a strong downtrend since it registered a high of Rs 10980 levels as on 09 Mar, 2011.

But the most important observation to be made on the charts of pepper is the positive divergence displayed by the RSI indicator.

It signals that the downward movement of the price could have lost force and in all likelihood gives some kind of a bounce back from the current levels.

We recommend traders to buy 50% now and on dips to Rs 6090--Rs 6060 levels with a stoploss placed below Rs 5997 levels for upside targets of Rs 6280 / Rs 6375 levels, expected to be achieved over the upcoming 2-3 sessions of trade.

MCX LEAD AUG Contract – Technical Outlook & Trading Strategy

The price of lead has been taking support at the declining trendline support as outlined in the

chart above.

But each and every pullback from this trendline support has met stiff resistance at its moving average clusters and eventually the price registered a breakdown below this trendline

support during the previous session of trade.

This running breakdown is an extremely negative signal for the future price movement of Lead. The RSI indicator is also trading is sell mode.

Thus, considering the overall bearish technical setup mentioned above, we expect the prices of

Lead to decline to levels of Rs 102.80 / Rs 101.00 levels.

We recommend traders to sell between Rs 105.20--Rs 104.40 levels with a stop loss placed above Rs 106.45 levels for downside targets mentioned above.

MCX LEAD AUG. CONTRACT OPEN Rs 106.90 HIGH Rs 107.45 LOW Rs 104.45 CLOSE Rs 104.75

NCDEX Turmeric Sept. CMP—Rs 6156.00

Technical Outlook & Trading Strategy:-

The price of Turmeric has been in a strong downtrend since it registered a high of Rs 10980 levels as on 09 Mar, 2011.

But the most important observation to be made on the charts of pepper is the positive divergence displayed by the RSI indicator.

It signals that the downward movement of the price could have lost force and in all likelihood gives some kind of a bounce back from the current levels.

We recommend traders to buy 50% now and on dips to Rs 6090--Rs 6060 levels with a stoploss placed below Rs 6003 levels for upside targets of Rs 6260 / Rs 6375 levels, expected to be achieved over the upcoming 2-3 sessions of trade.

NCDEX DHANIYA Sept Contract – Technical Outlook & Trading Strategy

The price of Dhaniya corrected from the highs of Rs 6612 levels. The key observation to be made

is that the recent correction from higher levels has taken support at the 38.2% Fibonacci

retracement levels as show in the chart above.

The smart upmove witnessed over the past few sessions of trade have helped the prices of Dhaniya come out of the narrow trading range.

Moreover, the upmove witnessed during the last two sessions of trade has been on the back of

strong surge in volumes, which is a sign of buying interest in the stock.

The RSI indicator has also come out of the oversold territory with a positive divergence. Thus, considering the bullish technical set-up mentioned above we believe that the prices of Dhaniya can move up towards Rs 6200 / Rs 6325 levels over the upcoming few sessions of trade.

We recommend traders to buy 50% between Rs 6080--Rs 6050 levels and 50% on dips to Rs 5970-- Rs 5940 levels with a stop loss placed below Rs 5887 levels for upside targets mentioned above.

MCX Silver CMP—Rs 61690.00

Technical Outlook & Trading Strategy:-

The price of silver has witnessed a smart rally over the past 3-4 sessions of trade. The upside momentum witnessed over the past few sessions has helped the prices of silver close above a significant resistance placed between the Rs 60600—Rs 60670 levels.

The near term moving averages have also been providing strong support for the prices of silver and the momentum indicators are also trading in buy mode.

We recommend traders to buy 50% now and on dips to Rs 61125--Rs 61000 levels with a stoploss placed below Rs 60867 levels for upside targets of Rs 62575 / Rs 63200 levels, expected to be achieved over the upcoming 2-3 sessions of trade.

MCX LEAD AUG Contract – Technical Outlook & Trading Strategy

The recent breakdown from the rising wedge pattern took the prices of Lead towards a low of

Rs 99.10 levels as on 09th Aug, 2011.

Since then the price witnessed a pullback from oversold levels over the past few sessions of trade.

Now, some of the important technical factors to be pointed out are that the recent pullback was on the back of extremely low volume suggesting that there was no real buying interest.

Secondly, yesterday’s close has led to the formation of a Bearish reversal pattern as outlined in the charts above.

Finally the recent rally towards the Rs 109.80 levels was met by a negative divergence on the RSI indicator.

Thus, considering the bearish technical factors mentioned above we believe that the prices of lead will decline towards Rs 104.50 / Rs 102.50 levels over the upcoming few sessions of trade.

We recommend traders to sell between Rs 106--Rs 107 levels with a stop loss placed above Rs 108.25 levels for downside targets mentioned above.

MCX LEAD AUG CONTRACT OPEN Rs 108.70 HIGH Rs 109.20 LOW Rs 106.10 CLOSE Rs 106.60

MCX Mentha Oil CMP—Rs 1137.40

Technical Outlook & Trading Strategy:-

We reiterate our bullish bias on Mentha Oil. The key observation to be made is that the clusters of key moving averages have been providing strong support for the prices of Mentha oil.

The prices witnessed a strong upmove during the previous session of trade. We believe that the upward momentum is likely to continue for the upcoming few sessions of trade and test levels of Rs 1160. The RSI indicator has also given a fresh buy signal.

We recommend traders to buy between Rs 1139--Rs 1135 levels with a stoploss placed below Rs 1121.40 levels for upside targets of Rs 1160 / Rs 1175, expected to be achieved over the upcoming 2-3 sessions of trade.

NCDEX JEERA SEPT Contract – Technical Outlook & Trading Strategy

The key observation to be made on the chart above is that, the prices of Jeera has been taking

resistance on every pullback at the declining trendline that has been taking shape since 25th

July,2011.

On the previous two occasions, the prices have witnessed a sharp fall after it took resistance at the above mentioned trendline.

Some of the other negative developments in this counter are the sell signal given buy the RSI indicator backed by a negative divergence and the prices have also closed below its key moving average clusters.

Thus, we believe that sustenance below the trendline resistance will see the prices of Jeera decline towards Rs 15270 / Rs 15150 levels over the upcoming sessions of trade.

We recommend traders to sell between Rs 15525--Rs 15625 levels with a stop loss placed above

Rs 15823 levels for downside targets mentioned above.

NCDEX JEERA SEPT CONTRACT OPEN Rs 15811.00 HIGH Rs 15874.00 LOW Rs 15520.00CLOSE Rs 15564.00

MCX GOLD Oct CMP—Rs 26225.00

Technical Outlook & Trading Strategy:-

The prices of Gold have been on a relentless upmove since the past several weeks of trade. After the pullback witnessed over the previous few sessions of trade the prices of gold bounced back strongly from lower levels.

A sustained breakout above the Rs 26290 levels will infuse fresh upside momentum in the prices of gold and could take it its recent highs of Rs 26457 or even to a new life time high.

The momentum indicators continue to trade in bullish mode and don’t depict any weakness.

We recommend traders to buy on a break above Rs 26290 levels with a stop loss placed below Rs 26177 levels for upside targets of Rs 26450 / Rs 26575 / Rs 26650 levels, expected to be achieved over the upcoming 2-3 sessions of trade.

MCX MENTHAOIL AUG. Contract – Technical Outlook & Trading Strategy

Since the smart upmove on 10th Aug, 2011 the prices of Mentha oil has been trading sideways for tthe past couple of session.

The key observation to be made on the chart above is that the clusters of key moving averages have been providing strong support for the prices of Mentha oil.

The prices witnessed a strong upmove during the previous session of trade. We believe that the

upward momentum is likely to continue for the upcoming few sessions of trade and test levels of

Rs 1160. The RSI indicator has also given a fresh buy signal.

We recommend traders to buy between Rs 1132--Rs 1126 levels with a stop loss placed below Rs 1111.40 levels for upside targets of Rs 1160 levels, expected to be achieved over the upcoming 2-3 sessions of trade.

NCDEX PEPPER Sept CMP—Rs 30448.00

Technical Outlook & Trading Strategy:-

We reiterate our bullish bias on Pepper. The prices of Pepper have been taking support at the rising trendline that has been taking shape since 14th Mar, 2010 on its weekly charts.

This trendline has been providing strong support for the prices of pepper on every correction from higher levels.

The recent correction from the highs of Rs 30900 levels as on 08th May, 2011 was also on the back of declining volume which is a clear indication that the prices weren’t under any real supply pressure.

The prices of pepper have also witnessed a smart bounce back from this trendline support during the previous week of trade.

We believe that the prices of pepper can now rally towards its recent highs of Rs 30900 levels and sustenance above the same will open up upside targets of Rs 31300--Rs 31675 levels.

The RSI indicator has also given a fresh buy signal. We recommend traders to buy 50% atcurrent levels and again on dips between Rs 30050--Rs 29950 levels with a stop loss placed below Rs 29589 levels for upside targets of Rs 30900 / Rs 31300 / Rs 31675 levels, expected to be achieved over the upcoming 3-4 sessions of trade.

NCDEX SOYAOIL REF Sept. Contract – Technical Outlook & Trading Strategy

The key observation to be made on the chart above is that, the prices of Soya Oil ref has been

taking support at the rising trendline that has been taking shape since 24th Mar,2011.

On the previous several occasions, the prices have witnessed a smart rally after it took support at the rising trendline.

The recent correction from the highs of Rs 668.10 levels as on 26th Jul, 2011 was also on the back of declining volume which is a clear indication that the prices weren’t under any real supply pressure.

Thus, we believe that sustenance above the trendline will see the prices of soya oil rally towards the Rs 658.25 / Rs 662.50 levels over the upcoming sessions of trade.

The MACD indicator s also trading in bullish mode and doesn’t depict any signs of weakness.

We recommend traders to buy between Rs 650--Rs 653 levels with a stop loss placed below Rs 646.25 levels for upside targets of Rs 658.25 / Rs 662.50 levels, expected to be achieved over the upcoming 3-4 sessions of trade.

NCDEX SOYAOIL REF. SEPT. CONTRACT OPEN Rs 652.10 HIGH Rs 654.20 LOW Rs 651.10 CLOSE Rs 651.95

NCDEX Chana Aug CMP—Rs 2976.00

Technical Outlook & Trading Strategy:-

The price of Chana had registered a bearish head & shoulder breakdown on its intraday charts few sessions ago.

Since then the price has given a pullback towards its neckline resistance levels of Rs 3024 levels. But the price has not been able to register a close above the same.

The is a sign of weakness in the price action, and sustenance below the neckline levels of Rs 3024 will see the price of Chana head lower and test levels of Rs 2915 / Rs 2890 levels over the upcoming sessions of trade.

The momentum indicators are also trading in bearish mode. We recommend traders to sell 50% at current levels and again on rallies to Rs 3010--Rs 3025 levels with a stop loss placed above Rs 3039 levels for downside targets of Rs 2915 / Rs 2980 levels, expected to be achieved over the

upcoming 3-4 sessions of trade.

NCDEX PEPPER Aug CMP—Rs 29631.00

Technical Outlook & Trading Strategy:-

We reiterate our bullish bias on Pepper. The prices of Pepper have been taking support at the rising trendline that has been taking shape since 14th Mar, 2010.

This trendline has been providing strong support for the prices of pepper on every correction from higher levels.

The recent correction from the highs of Rs 30999 levels as on 08th May, 2011 was also on the back of declining volume which is a clear indication that the prices weren’t under any real supply pressure.

Sustenance above the trendline support will see the prices of pepper rally towards the Rs 30525 / Rs 30950 levels over the upcoming sessions of trade.

The RSI indicator has also given a fresh buy signal. We recommend traders to buy 50% at current levels and again on dips between Rs 29425--Rs 29325 levels with a stop loss placed below Rs 28979 levels for upside targets of Rs 30525 / Rs 30950 levels, expected to be achieved over the upcoming 3-4 sessions of trade.

MCX ZINC Aug. Contract – Technical Outlook & Trading Strategy

The key observation to be made on the chart above is that, the prices of Zinc have registered a

bullish inverted Head & shoulder pattern breakout.

The neckline support for the said pattern is placed at the Rs 97.15 levels. Thus, one could see the price of zinc trading with a positive bias over the upcoming few session of trade.

Sustenance above the neckline support level mentioned above will see the price of zinc head towards the Rs 100.25 / Rs 102 levels on the upside.

The RSI indicator has also given a fresh buy signal and this lends support to the bullish price set up, and the price has also closed above the key moving average clusters.

We recommend traders to buy between Rs 98.75--Rs 98.20 levels with a stop loss placed below Rs 97.10 levels for upside targets of Rs 100.25 / Rs 102 levels, expected to be achieved over the upcoming 2-3 sessions of trade.

MCX ZINC AUG. CONTRACT OPEN Rs 96.30 HIGH Rs 99.15 LOW Rs 96.30 CLOSE Rs 98.55

MCX Mentha oil Aug CMP—Rs 1127.60

Technical Outlook & Trading Strategy:-

The price of Mentha oil has witnessed a smart upmove during the previous session of trade, after taking support at its key short term moving average during the past couple of trading sessions.

The key observation to be made is that yesterday’s smart upmove has led to the formation of a two bar bullish reversal pattern on its daily charts.

The prices of Mentha oil can now witness upside momentum for the upcoming few sessions of trade and it could head towards Rs 1152--Rs 1175 levels .

We recommend traders to buy between Rs 1130--Rs 1122 levels with a stop loss placed below Rs 1103.25 levels for upside targets mentioned above.

NCDEX PEPPER Aug. Contract – Technical Outlook & Trading Strategy

The key observation to be made on the chart above is that, the prices of Pepper has been taking

support at the rising trendline that has been taking shape since 14th Mar,2010.

This trendline has been providing strong support for the prices of pepper on every correction from higher levels.

The recent correction from the highs of Rs 30999 levels as on 08th May, 2011 was also on the back of declining volume which is a clear indication that the prices weren’t under any real supply

pressure.

The, key moving average clusters are also providing good support for the price of pepper. Thus, we believe that sustenance above the trendline support will see the prices of pepper rally towards the Rs 30525 / Rs 30950 levels over the upcoming sessions of trade.

The RSI indicator has also given a fresh buy signal and this lends support to the bullish price set up.

We recommend traders to buy 50% at current levels and again on dips between Rs 29500--Rs 29375 levels with a stop loss placed below Rs 29077 levels for upside targets of Rs 30525 / Rs 30950 levels, expected to be achieved over the upcoming 3-4 sessions of trade.

NCDEX PEPPER AUG. CONTRACT OPEN Rs 28725.00 HIGH Rs 29870.00 LOW Rs 28725.00

CLOSE Rs 29870.00

NCDEX Chana Aug CMP—Rs 2968.00

Technical Outlook & Trading Strategy:-

The price of Chana has been on a sustained uptrend over the past couple of months. But, the price of Chana has now registered a breakdown after forming a bearish head and shoulder pattern with a declining neckline support placed at the Rs 3032 levels.

This breakdown can now bring in a pause in the recent uptrend witnessed in the prices of Chana and it can correct to levels of 2925 / 2900 levels.

We recommend traders to sell 50% at current levels and 50% on rallies to Rs 3000--Rs 3015 with a stop loss placed above Rs 3037 levels for downside targets mentioned above.

NCDEX SOYAOIL REF. Aug. Contract – Technical Outlook & Trading Strategy

The key observation to be made on the chart above is that, the prices of Soya Oil ref has been

taking support at the rising trendline that has been taking shape since 29th Mar,2011.

On the previous three occasions, the prices have witnessed a smart rally after it took support at the rising trendline.

The recent correction from the highs of 670.40 levels as on 26th Jul, 2011 was also on the back of declining volume which is a clear indication that the prices weren’t under any real supply pressure.

Thus, we believe that sustenance above the trendline will see the prices of soya oil rally towards the Rs 659 / Rs 662.50 levels over the upcoming sessions of trade.

The MACD indicator s also trading in bullish mode and doesn’t depict any signs of weakness.

We recommend traders to buy between Rs 655--Rs 650 levels with a stop loss placed below Rs 647.80 levels for upside targets of Rs 659 / Rs 662.50 levels, expected to be achieved over the upcoming 2-3 sessions of trade.

NCDEX SOYAOIL REF. AUG. CONTRACT OPEN Rs 652.70 HIGH Rs 657.80 LOW Rs 649.00

CLOSE Rs 653.65

COMMODITIES TO WATCH

Key Supports & Resistance Levels

MCX SILVER: - CMP—59188
Will face Resistance between 59750—60000 levels & Support is placed between 58775—58475
levels.

MCX COPPER: - CMP—395.90
Will face Resistance between 404—407 levels & Support is placed between 392.50—389.50
levels.

MCX NICKEL Aug. Contract – Technical Outlook & Trading Strategy

The price of Nickel witnessed a sharp fall from its key resistance zones of Rs 1110 —Rs 1120 levels during the previous week. But, an examination of the chart above shows that the price pattern of Nickel since 29th Aug, 2011 on its weekly charts is taking shape of a bearish head and shoulder pattern with a declining neckline support. A head & shoulder price pattern combined with a declining neckline can bring about sharp corrections in the price of Nickel on a sustained break below the neckline support of Rs 970 levels.

The implied targets of the said pattern suggest that the price can correct to levels of levels of Rs 880 / Rs 750 levels in the short term to medium term time frame. Some of the other key technical factors that support the bearish argument are the fresh
sell signal given by the directional movement index which is an indication that the current downward movement will gain momentum and the prices have now closed below all its key moving averages.

We recommend traders to sell 50% between Rs 969--Rs 978 levels and again of rallies to Rs 1005--Rs 1012 levels with a stop loss placed above Rs 1021.40 levels for downside targets of Rs 925 / Rs 880 levels.

MCX Nickel Aug CMP—Rs 990.10

Technical Outlook & Trading Strategy:-

The price of Nickel witnessed a sharp fall from its key resistance zones of Rs 1110—Rs 1120 levels during the previous week.

But, an examination of the chart above shows that the price pattern of Nickel since 29th Aug, 2011 on its weekly charts is taking shape of a bearish head and shoulder pattern with a declining neckline support placed at the Rs 970 levels.

A sustained break below this neckline support can bring about sharp corrections in the price of Nickel.

The implied targets of the said pattern suggest that the price can correct to levels of levels of Rs 880 / Rs 750 levels in the short term to medium term time frame.

We recommend traders to sell 50% between Rs 986.50--Rs 996 levels and again of rallies to Rs 1023--Rs 1030 levels with

a stop loss placed above Rs 1049.65 levels for downside targets of Rs 940 / Rs 880 and followed by Rs 750 levels.

MCX ZINC Aug. Contract – Technical Outlook & Trading Strategy

The prices of Zinc had been trading in a broad range of Rs 114.50 to Rs 97 levels since 22nd Aug,
2010 levels.

The Rs 97 levels were acting as strong support for the prices of Zinc on every correction from higher levels.

But, as outlined in the chart above the prices of Zinc have now registered a breakdown below
this key and very important support level on a closing basis during the previous week.

Any pullback from current levels is likely to face supply pressure. Some of the other key technical
factors those are moving in sync with the bearish price action are the sell signal given by the RSI
indicator and the prices have also closed below their key moving average clusters.

We recommend traders to sell 50% between Rs 96.00—Rs 95.00 levels and 50% on rallies to Rs 97.25--Rs 97.75 levels with a stop loss placed above Rs 98.30 levels for downside targets of Rs 93.25 / Rs 91.50 levels.

NCDEX Mustard Seed Aug CMP— Rs 2967.00

Technical Outlook & Trading Strategy:-

The price of Mustard seed has made a double top formation on its daily charts and fell sharply from a high of Rs 3003 levels during the past two sessions of trade.

The double bottom formation is also backed by a negative divergence in the RSI indicator. Thus, all of the above technical evidence is suggesting a trend reversal.

Hence, we recommend traders to sell 50% at current levels and again between Rs 2983—Rs 2988 levels with a stop loss placed above Rs 3010 levels for an initial downside target of Rs 2944 and further downsides towards the Rs 2910 levels.

MCX Lead Aug CMP— Rs 110.60

Technical Outlook & Trading Strategy:-

The price of Lead was trading in a rising channel on its daily charts. But the selling pressure witnessed during the previous few sessions of trade has taken the prices of lead below the lower end of the channel on a closing basis, resulting into a breakdown.

We would like to point out that this is an extremely negative development in the counter and one will see the prices of Lead trade with a negative bias in the near term to short term. The momentum indicators have also turned into sell mode.

We recommend traders to sell 50% at current levels and again on rallies to Rs 111.75 — Rs 112.10 levels with a stop loss placed above Rs 113.10 levels for downside targets of Rs 109 and followed by Rs 107.75 levels expected to be achieved over the upcoming 3-4 sessions of trade.

NCDEX JEERA Aug. Contract – Technical Outlook & Trading Strategy

The prices of Jeera have been in an uptrend since 17th June, 2011 and it rallied to a high of Rs 16948 levels as on 25th Jul, 2011.

But, the prices have witnessed a corrective move over the past few sessions of trade from its recent highs.

Some of the key technical factors to be noted over here are that the price has corrected to the 38.20% Fibonacci Retracement support levels on its daily charts and it has also taken support at its key near term & short term moving averages and has show some upside momentum over the past two sessions of trade.

Hence, we believe that the corrective move has halted and thus the prices are now ready to rally towards its previous highs.

We recommend traders to buy 50% between Rs 16125 — Rs 16050 levels and again on dips to Rs 15875 -- Rs 15820 levels with a stop loss placed below Rs 15697 levels for upside targets of Rs 16400 / Rs 16625 levels.

NCDEX Pepper Aug CMP—Rs 29347.00

Technical Outlook & Trading Strategy:-

We reiterate our bullish bias on Pepper. The price of Pepper has been taking support at its key near term moving average placed at the 29150 levels on its daily charts over the past couple of trading sessions.

The price weren't under any real selling pressure during the recent pullback and since the momentum indicators are still trading in buy mode we believe that it is a very good opportunity to accumulate it.

Thus, we recommend traders to buy 50% between Rs 29400 — Rs 29300 levels and again on dips to Rs 29000 — Rs 28900 levels with a stop loss placed below Rs 28657 levels for upside targets of Rs 29850 and followed by Rs 30125 levels expected to be achieved over the upcoming 3-4 sessions of trade.

MCX Zinc Aug CMP—Rs 105.90

Technical Outlook & Trading Strategy:-

The price action of Zinc over the past few sessions of trade was taking shape of a Rising Wedge pattern on its daily charts. The selling pressure witnessed during the previous session has taken the prices of Zinc below the lower end of the pattern on a closing basis, resulting into a breakdown.

We would like to point out that the rising wedge is a bearish reversal pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. The momentum indicators have also turned into sell mode.

We recommend traders to sell 50% at current levels and again on rallies to Rs 107.25—Rs 107.75 levels with a stop loss placed above Rs 108.30 levels for downside targets of Rs 104.25 and followed by Rs 103 levels expected to be achieved over the upcoming 3-4 sessions of trade.

MCX COPPER Aug. Contract – Technical Outlook & Trading Strategy

The base metals pack witnessed heavy selling pressure for the 2nd straight session of trade and they closed lower. The price of copper also fell on the back of strong volumes. An examination of the chart above, shows that the Rs 427.90 — Rs 427 zone had been acting as strong support for the price of copper on previous correction.

But the selling pressure witnessed during the previous sessions has taken the price of copper below this crucial support zone on a closing basis. This is a negative sign for the prices of copper for the near term to short term time frame and we believe that the price could now slip down further towards the Rs 421.75 / Rs 418 levels.

Some of the key technical factors that lends support to the bearish argument are that, the price has closed below its 200 day moving average and the MACD indicator has given a fresh sell signal as shown in the chart above.

We recommend traders to sell 50% at current levels and 50% on rallies to Rs 428.50—Rs 430 levels with a stop loss placed above Rs 431.30 levels for downside targets of Rs 421.75 / Rs 418 levels expected to be achieved over the upcoming 3 sessions of trade.

NCDEX Pepper Aug CMP— Rs 29240.00

Technical Outlook & Trading Strategy:-

The price of Pepper has been taking support at its key near term moving average placed at the 29150 levels on its daily charts over the past couple of trading sessions.

The price weren’t under any real selling pressure during the recent pullback and since the momentum indicators are still trading in buy mode we believe that it is a very good
opportunity to accumulate it.

Thus, we recommend traders to buy 50% between Rs 29275—Rs 29180 levels and again on dips to Rs 29000—Rs 28900 levels with a stop loss placed below Rs 28657 levels for upside targets of Rs 29850 and followed by Rs 30125 levels expected to be achieved over the upcoming 3-4 sessions of trade.

MCX Crude Oil Aug CMP— Rs 4164.00

Technical Outlook & Trading Strategy:-

The price of Crude Oil has broken below its ascending trendline support on its daily charts and has faced heavy selling pressure since then.

Moreover, the price of crude has also closed below a key support zone placed between the Rs 4220—Rs 4200 levels during the previous session.

The momentum indicators are also trading in extremely bearish mode. We believe that any pullback from current levels should be used to take short positions in the counter.

We recommend traders to sell 50% at current levels and again on rallies to Rs 4220—Rs 4230 levels with a stop loss placed above Rs 4253 levels for downside targets of Rs 4110 and followed by Rs 4075 levels expected to be achieved over the upcoming 2-3 sessions of trade.

MCX GOLD Oct. Contract – Technical Outlook & Trading Strategy

After the strong rally in the recent past the price of Gold was trading in a well defined rising channel on its intraday charts.

As outlined in the chart above the price of Gold has now registered a breakout on closing basis from this channel on the back of strong surge in volumes and in the process it has closed at a new life time high.

This augurs well for the future price movements of the price of Gold. Thus, we believe that any dip in the prices of Gold should be used to go long.

Some of the key technical factors that add strength to the bullish argument are that, the key moving average clusters are acting as strong support for the price of gold on pullbacks and the MACD indicator has given a fresh buy signal as shown in the chart above.

We recommend traders to buy 50% on dips between Rs 23800 — Rs 23775 levels and 50% on dips to Rs 23700 -- Rs 23675 levels with a stop loss placed below Rs 23643 levels for upside targets of Rs 23925 / Rs 24000 levels expected to be achieved over the upcoming 2-3 sessions of trade.

NCDEX Jeera Aug CMP— Rs 15822.00

Technical Outlook & Trading Strategy:-

We reiterate our bullish bias on Jeera. The price of Jeera has corrected towards the 38.2% Fibonacci Retracement support levels of the rally that started from the lows of Rs 13120 and registered a high of Rs 16920 levels.

But, the key technical factor to be noted over here is that the price action of Jeera over the past two days has formed a Bullish Two bar reversal pattern on its daily charts at this retracement level. The momentum indicators are still trading in bullish mode.

We recommend traders to buy 50% between Rs 15800 — Rs 15875 levels and again on dips to Rs 15700 — Rs 15675 levels with a stop loss placed below Rs 15597 levels for upside targets of Rs 16250 and followed by Rs 16500 levels expected to be achieved over the upcoming 3-5 sessions of trade.