MCX Lead Tips
MCX Lead has provided a breakout from the downtrend line which is a positive sign going forward. It has also taken support from the up trend line thus forming a hammer candlestick pattern at the bottom. The next resistance on the upside is pegged at 109, whereas, the support exist at 104.90. The overall trend appears bullish.
MCX Copper Tips
In this week, we expect copper prices to trade on a positive note taking cues from expectations of Fed’s quantitative easing, positive global market sentiments along with weakness in the DX.
We recommend a buy in MCX Copper June between 414-413 levels, Stoploss of 408 levels for the target of 422-427
NCDEX Chana Trend
Chana prices may witness some downside correction if monsoon advancement is timely and well distributed. However, overall fundamentals for Chana remain supportive from the medium term prospective due to tight supplies of the same amid lower output.
We suggest a Sell in NCDEX July Chana between 4150-4200, Stoploss-4300, for the target of 3900-3850.
NCDEX Pepper Tips
Pepper prices are expected to trade sideways to up as arrivals in the domestic market are limited with increased offtakes. However, fresh arrivals from Malaysia and Indonesia have commenced and that might cap sharp gains.
We suggest a weekly Buy in NCDEX July Pepper between 39150-39250, Stoploss:37800, for the target of 40800-41200.
