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.

MCX Lead Aug CMP—Rs 114.00

Technical Outlook & Trading Strategy:-

The price of Lead broke below its important ascending trendline support & its 200 DMA placed at the 115.75 levels on its daily charts during the previous session.

The fall witnessed during the previous session was also on the back of above average volumes which is also an extremely bearish signal.

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 115 — Rs 115.30 levels with a stop loss placed above Rs 115.75 levels for downside targets of Rs 113 and followed by Rs 111.25 levels expected to be achieved over the upcoming 3-5 sessions of trade.

MCX SILVER Sept. Contract – Technical Outlook & Trading Strategy

The price of Silver was trading in a broad range of Rs 60688 -- Rs 58100 levels over the past few sessions of trade. The key observation to be made on the chart above is that the price of silver has breached a key ascending trendline support as pointed out in the chart above.

Moreover, the prices couldn’t sustain above the same on pullback from lower levels. The MACD indicator is also trading in sell mode which is another bearish sign for the future price action of silver.

Thus considering the overall technical setup mentioned above, we believe that the price of silver will trade with a negative bias for the upcoming sessions of trade.

We recommend traders to sell 50% between Rs 58050—Rs 58225 levels and again on rallies to Rs 58775--Rs 58900 levels with a stop loss placed above Rs 59019 levels for downside targets of Rs 57450 / Rs 56975 levels.

NCDEX Jeera Aug CMP—Rs 16000.00

Technical Outlook & Trading Strategy:-

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 15975—Rs 16030 levels and again on dips to Rs 15825—Rs 15780 levels with a stop loss placed below Rs 15683 levels for upside targets of Rs 16330 and followed by Rs 16700 levels expected to be achieved over the upcoming 3-5 sessions of trade.

MCX GUARSEED AUG Contract – Technical Outlook & Trading Strategy

The prices of Guarseed have been in a strong uptrend since 1st Apr, 2011 and it rallied to an all time high of Rs 4834 levels as on 28th Jul, 2011.

The price of Guarseed witnessed a corrective move over the past two sessions of trade from its all time highs.

Some of the key technical factors to be noted over here are that the price has corrected to the 23.60% Fibonacci Retracement support levels on its daily charts and it has also formed a two bar bullish reversal pattern at this support levels which Suggests that the corrective move has halted and thus the prices are now ready to rally towards its previous highs.

Hence, we believe that the price of Guarseed will trade with a positive bias over the upcoming few sessions of trade.

We recommend traders to buy 50% between Rs 4486—Rs 4475 levels and again on dips to Rs 4420-- Rs 4400 levels with a stop loss placed below Rs 4367 levels for upside targets of Rs 4575 / Rs 4650 levels.