Sell MCX Crude Oil around 4080 at stop loss of 4165 | Sell NCDEX Guar Seed | Sell MCX Zinc | Buy NCDEX Turmeric | Indianotes.com
MCX CRUDE OIL MARCH: As expected, crude oil prices witnessed sharp decline after breaching the support of 6090 and tumbled till the low of 4032 and by the ended it recovered slightly and finally settled at 4093. Going forward, the price is likely extending its losses till the supports of 3960 then 3940 levels. Thus, we continue to recommend selling around 4080 for above mentioned targets. Action: Sell
MCX ZINC MARCH: Followed with other base metals, zinc price also slipped lower till 225.80 during yesterday’s session and ended at 226.25. The immediate support is at 225.70 a break below that will drawdown the prices till the key trend line support of 221.50 and lower. Therefore, we advise selling on break of 225.70 for targets of 222 for the da. Action: Sell
NCDEX GUARSEED APRIL: After opening with a minor gap down at 4260, guar seed prices reverted back sharply and ended at 4338. Prices have once again come up till the neckline resistance of Head and shoulder pattern. Therefore,for the day traders can initiate short positions around 4350 levels for downside targets of 4200. Action: Sell.
NCDEX TURMERIC APRIL: As expected, dahniya prices inched slightly higher from the key trend line supports on Wednesday and ended at 5530 gaining a percent. As long as the prices hold above the trend line supports of 5400, the trend is likely to remain upward. Therefore, we recommend buying around 5500 levels for upside targets of 5750 then 5850 levels.. Action: Buy.
Click here to read the full report