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