Dear All,


May this festival of Light brings tons of Joy to Illuminate your life & fill your future with Prosperity.

Have a Happy & Prosperous Diwali

VIEWS FOR 24TH OCTOBER 2008

MCX Crude Oil November: Favoured view expects corrective rallies to be capped near 3567/3603 for a fall towards 3284/3248. Unexpected rise past 3628 S1: 3400 S2: 3345 R1:3535 R2:3600

MCX Natural Gas Nov: Moved as expected . Resistances now at 342-347 levels now. As long as these levels resist prices could slide down further towards 325 or even lower towards 316 levels. Only a rise above 351 would induce bullishness S1: 328 S2: 320 R1: 343 R2: 350

MCX Nickel Oct: While above 470 levels corrective rallies may test resistance levels at 486 -500 levels . Fall below 465 would negate this view and would signal the resumption of the bearish move.
S1: 455 S2: 435 R1: 488 R2: 508

MCX Lead Oct: As long as 62.35-61.25 levels support , corrective rally could test resistance levels at 65.85 or even higher at 67.0 levels.Fall below 62.0 would negate this view and would signal the resumption of the bearish move.S1: 63.25 S2: 62.0 R1: 66.0 R2: 67.0

MCX Zinc Oct: As long as 56.65-55.90 levels support , corrective rally could test resistance levels at 60.45 or even higher at 62.40 levels. Fall below 55.0 would negate this view and would signal the resumption of the bearish move. S1: 57.35 S2: 55.85 R1: 59.85 R2: 61.0

VIEWS FOR 23rd OCTOBER 2008

MCX Gold (December): Downside target extends to 11656/11607 or even 11395. The overdone indications shown by oscillators suggest that there could be a corrective retracement towards 12000/12032 regions before further weakness. Rise past 12100 would hint at stronger recovery.Play a downturn in the resistance area.S1: 11800 S2:11725 R1: 11965 R2: 12045

MCX Silver December: Rallies to 17426 followed by 17625 should find resistance for a test of 16590 or even 16084.Only a break of 18024 would negate this view.S1:16850 S2:16500 R1:17450 R2:17850

MCX Crude Oil November: Favoured view expects the price to stay under 3636 and fall towards 3038. A corrective rise is favored first while staying above 3342.Resistance at 3446 or 3482 could attract first. Fall below 3342 would hint that it would be going down for 3260 first.Favoured view expects price to stay under 3489 and start next leg decline.S1: 3500 S2: 3445 R1:3625 R2:3370

MCX Copper November: - Rallies to 205.65/207.9 are expected to find resistance for a fall lower towards 190.8 or even 189.6.Only a break of 212.5 would negate this view.S1: 204 S2: 200 R1: 213 R2:218

MCX Zinc Oct: More downside expected. As long as 56.5 levels resist, expect prices to move lower towards 53.5 or even lower towards 51.0 levels.Only a rise above 57.15 would negate this bearish view.S1: 54.0 S2: 52.85 R1: 56.85 R2: 58.0

MCX Lead Oct: More downside expected. As long as 62.0 levels resist, expect prices to move lower towards 57.5 or even lower towards 53.5 levels.Only a rise above 63.0 would negate this bearish view.S1: 60.3 S2: 58.5 R1: 64.25 R2: 66.80

MCX Nickel Oct: Breach of important support levels would lead to lower levels today. As long as 485 levels resist , expect prices to move lower towards 468 or even lower towards 445 levels. Only a rise above 501 would cast doubts on this bearish view.S1: 465 S2: 445 R1: 502 R2: 526

MCX Natural Gas Nov: Currently trading in the range 342-357. Expect a sharp directive move on the break of this range.S1: 340 S2: 328 R1: 360 R2: 372

VIEWS FOR 21ST OCTOBER 2008

MCX Gold (December): Break and rise above 12989/13040 could open the way for temporary bullishness towards 13196 levels.Favored view still expects resistance in the 12989/13040 zones to be capped for a fall towards 11980 levels.S1: 12650 S2:12525 R1: 12850 R2: 12945

MCX Silver December: Showing a bullish picture now. Bullish divergence followed by a rise above 17852 could result in a pullback towards 20363 now.Fall below 17224 would diminish bullish hopes.
S1:17650 S2:17300 R1:18100 R2:18450

MCX Crude Oil November : Price could hold above 3716/3742 and attempt to test next resistance levels spread between 3840 $ 3915. As the trend is still down Direct fall below 3661 would hint that the corrective rally might have exhausted sooner than expected.S1:3700 S2:3635 R1:3810 R2:3865

MCX Zinc Oct: As long as 61.2 levels resist , expect prices to move lower towards 58.2 or even lower towards 56.25-54.0 levels. Only a rise above 62.0 would negate this bearish view.
S1: 58.0 S2: 56.85 R1: 61.0 R2: 62.35

MCX Lead Oct: As long as 72.5 levels resist , expect prices to move lower towards 68.3 or even lower towards 66.0-65.0 levels.Only a rise above 73.0 would negate this bearish view.S1: 69.0 S2: 68.10 R1: 71.95 R2: 73.20

MCX Nickel Oct: As long as 537 levels resist , expect prices to move lower towards 514 or even lower towards 500-490 levels.Only a rise above 545 would negate this bearish view.S1: 518 S2: 503 R1: 550 R2: 572

MCX Natural Gas Nov: As long as 355 levels resists expect prices to move lower towards 343 or even 330 levels Rise above 361 to dent our bearish expectations. S1: 339 S2: 328 R1:360 R2: 372

VIEWS FOR THE WEEK -- 20TH OCTOBER TO 25TH OCTOBER

MCX Gold (December): Positive short-term momentum favors a corrective rise towards 12905 or 12954. It needs to cross above 13018 to attract more buying.Favoured view suggests that price could stay below 12954 and starts falling towards 11950.S1: 12500 S2:12438 R1: 12645 R2: 12715

MCX Silver December: Resistance at 18205/18241 levels now. Direct rise above 18425 will bolster hopes for a pullback towards 20533 levels.However, favored view expects resistance at 18333/18425 to cap for a decline towards 16408/16500.S1:17120 S2:16850 R1:17550 R2:17800

MCX Copper November :- Range trade between 225 to 249 in progress. Favored view expects a pullback towards 264/267or even higher as long as the downside range at 225-227 holds.S1: 237 S2: 232 R1: 246 R2:251

MCX Crude Oil November : Upside attempts could be capped near 3688/3714 for next decline towards 3240/3265. It has to rise above 3728to prove this expectation wrong as such a rise could attempt to cross above 3765 and go for 3837 plus.S1:3545 S2:3485 R1:3665 R2:3715

MCX Zinc Oct: As long as 58.2 levels support, expect corrective rallies to 62.0 or even 63.7 levels.Fall below 58.0 would confirm resumption of the bearish trend. S1: 58.0 S2: 56.85 R1: 61.0 R2: 62.35

MCX Nickel Oct: Expect corrective rallies to test 571 or even 595 levels as long as 525-515 levels support .However a fall below 510 would hint at further weakness in prices.S1: 518 S2: 503 R1: 550 R2: 572

MCX Lead Oct: Expect corrective rallies to test 72.6 or even 75.4 levels as long as 68.0 levels support . Fall below 67.3 would lead to further decline.S1: 69.0 S2: 68.10 R1: 71.95 R2: 73.20

MCX Natural Gas Oct: As long as 329-325 levels hold support expect prices to rally towards 349 or even 366 levels .Fall below 325 to dent our bullish expectations. S1: 327 S2: 321 R1:341 R2: 349