VIEWS WITH TRADING STRATGEY FOR 17TH MARCH 2009

VIEWS ::

MCX Gold April: As long as 15324/15357 resists, expect a move lower towards 14945 followed by 14830.However, break above 15406 will negate this bearish view.S1: 15165 S2: 14950 R1: 15300 R2: 15400

MCX Silver May: As long as 22068/22153 resists expect a move lower towards 21338 followed by 21152.However, break above 22442 will negate this bearish view S1: 21700 S2: 21450 R1: 22200 R2: 22550

MCX Copper April: Dips to 190.6/191.8 to find support for a rally to 202 followed by 206.5 .Break below 188.4 to negate this bullish view.S1: 193 S2: 187 R1: 201 R2: 205

MCX Crude Oil April : Dips to 2384/2368 to find support for a rally to 2540 followed by 2603.Break below 2296 to negate this bullish view.S1: 2425 S2: 2385 R1: 2485 R2: 2520

MCX Zinc March: Up moves may take prices to 64.5 levels. Supports are at 62.7 levels.Close below this level may negate our bullish view.S1: 62.7 S2: 61.6 R1: 64.5 R2: 65.5

MCX Lead March: Until support at 66.1 holds prices may move up to 67.6 levels or even higher.Fall below 65.3 may negate our bullish view.S1: 66.1 S2: 65.3 R1: 67.6 R2: 68.2

MCX Nickel March: Up moves may find resistance at 534.0 until support of 518 holds.Moves below 510 may negate our bullish view.S1: 515 S2: 510 R1: 525 R2: 534

MCX Natural Gas March : -.Prices may move down and find support at 197/198 levels. Moves beyond 201/203 to negate our bearish view.S1: 197 S2: 194 R1: 202 R2: 205

TRADING STRATEGY ::

GOLD MCX APRIL ::

The trend has turned down.
Sell on rise to Rs. 14227 – Rs. 15342 with stop loss of Rs. 15475.
Expect a fall towards Rs. 15104 – Rs. 14989.
As the trend is down, to minimize risk, intra-day traders can wait for a rise above Rs. 15342 and when it falls below Rs. 15342 then sell with whatever high registered above Rs. 15342 as a stop loss. Subsequently, book profits at Rs. 15227 – Rs. 15104 range or below.

SILVER MCX MAY ::

The trend has turned down.
Sell on rise to Rs. 21974 – Rs. 22208 with stop loss of Rs. 22446.
Expect a fall towards Rs. 21665 – Rs. 21431.
As the trend is down, to minimize risk, intra-day traders can wait for a rise above Rs. 22208 and when it falls below Rs. 22208 then sell with whatever high registered above Rs. 22208 as a stop loss. Subsequently, book profits at Rs. 21974 – Rs. 21665 range or below.

INTERNATIOANL SPOT SILVER ::

Expect further selling pressure on fall and close below 12.78$.
Generally, look for rise to exit long positions.
Resistance will be at 13.16$-13.30$.
A pullback rise could be witnessed on rise and close above 13.30$.
A sideways movement could be witnessed generally.

INTERNATIONAL SPOT GOLD ::

Sideways movement is being witnessed.
Support is at 919$-915$.
Expect selling pressure on fall and close below 915$.
Resistance is at 929$-939$.
In case of close above 940$ then expect spike in prices before further fall at a later date.

MUNNABHAI ANALYST, M. M. A. S.