VIEWS FOR 28th JANUARY 2009

MCX Gold Feb: Supports at 13944 and 13898 to hold dips for a rally higher towards 14695 levels initially.Direct fall below 13835 to dent our bullish expectations. S1: 13975 S2: 13900 R1: 14150 R2: 14225

MCX Silver Mar: Supports at 18950/19035 to hold for a target of 19933/19998 levels. Dip below 18873 to cause doubts on our bullish view.S1:19200 S2:18950 R1:19700 R2:19985

MCX Copper February: Any rallies being sold into giving a possible feel of a the rallies to be unsustainable. Fall below 155 to lead prices lower towards 148 and 140. Only a daily close above 175 to re-inforce bullish expectations again.S1: 157 S2:154 R1: 165 R2:171

MCX Crude Oil Feb : Break below 2144 has lost the bullish chance and caused a decline. Up ticks could now be resisted near 2093 or 2137/2142 for next decline towards 1934/1920. It needs to cross above 2165 to hint at strength. Next resistance levels are near 2205. S1: 2095 S2: 2040 R1: 2185 R2: 2225

MCX Zinc Jan: - Expect price to find support at 54.35 54.05 for a rise towards 58.0 levels. Only a move below 53.25 to raise doubts about this bullish view. S1: 54.0 S2: 53.0 R1: 56.5 R2: 57.15

MCX Lead Jan: Expect price to find support at 55.45 55.05 for a rise towards 59.45 levels. Only a move below 54.65 to raise doubts about this bullish view.S1: 55.00 S2: 54.00 R1: 57.25 R2: 58.30
 
MCX Nickel Jan: Expect price to find support at 550 544 for a rise towards 585 levels. Only a move below 533 to raise doubts about this bullish view. S1: 541 S2: 523 R1: 575 R2: 594

MCX Natural Gas Feb: - Expect price to find support at 216 213 for a rise towards 229 levels.Only a move below 210 to raise doubts about this bullish view. S1: 217 S2: 209 R1: 225 R2: 239

FOREX EURO TECHNICAL VIEW: Just as we expected, the pair was able to reach its target at 1.3140 before rebounding back to the upside to breach the key resistance for the downside channel and close above it. We expect to see high volatility around the pivot resistance at 1.3330 where there is a possibility to form a positive technical pattern if the above mentioned level is breached with targets at 1.3740 and 1.3825. However, on the intraday basis, there is a chance to see slight downside movements to retest the key support between 1.3140 and 1.3180.

TRADING IDEA :: Buy the pair above 1.3205 with targets at 1.3325 and stop loss with a four hour close below 1.3105

NYMEX CRUDE TECHNICALS:A clear failure to breach the key resistance for the medium term decending channel we have pointed out to yesterday as crude returned to close below the level. The resistacne level for today has shifted to 47.00 - 47.40 followed by a major resistance at 48.50 and as far as trading remains below these levels, crude will continued to fall, Today we expect high volatility as seen on momentum indicators as they show crude being in an oversold area on the hourly charts whereas direction indicators are pointing to the downside. Support levle are found at 40.60 and 40.20 which makes us expect sideways movements between the 47.40 and 40.60 levels

COMEX GOLD TECHNICALS:As we expected in our previous reports gold doesn't have enough momentum to move to the upside as most of the indicators still support the downside outlook in addition to the bearish candlesticks pattern which confirms our previous expected scenarios. Any break out that occurs below 889.00 as shown on the chart will help the downside correction wave to accelerate towards 879.00 followed by 870.00 (The 1st cluster support) that gold will face before deciding to resume a further expected decline only sustained below 888 we may expect fall

USDINR (48.90) : With RBI making no change in the Credit Policy, expect USD-INR to fall further to 48. in coming days if 49.30 undisturbed
Support: 48.40/48.00/47.75.
Resistance: 49.30/49.90/50.15