DAILY COMMODITY OUTLOOK

04 Oct, 11

th

NCDEX CHANA OCT. CONTRACT OPEN `3074.00

HIGH

`3215.00

LOW

`3041.00

CLOSE

`3193.00

NCDEX CHANA OCT Contract Technical Outlook & Trading Strategy The price of Chana fell sharply from the highs of `3700 levels during the last week. The correction took the price its key support levels established by the Fibonacci retracements and moving average clusters. One can clearly see from the chart above, that the price gave a smart bounce from these support levels and this led to the formation of a two bar bullish reversal pattern on the daily charts of Chana. These technical factors suggest that the price of Chana is likely to give a pullback and thus test levels of `3275 / `3355 levels over the upcoming week.

We recommend traders to buy 50% between `3200--`3180 levels and 50% on dips between ``3139--`3120 levels with a stop loss placed below `3089 levels for upside targets of `3275 / `3355 levels expected to be achieved over the upcoming 3-4 sessions of trade.

DAILY COMMODITY OUTLOOK

COMMODITIES TO WATCH

04 Oct, 11

th

MCX Crude Oct CMP`3835.00

Technical Outlook & Trading Strategy:-

We reiterate our bearish outlook on the price of crude. As mentioned in the previous update the price action of crude since 24th Aug, 2011 has been taking shape of a bearish Head & shoulders pattern on its daily charts. The price has now approached its neckline support levels placed around the `3820--`3800 levels. Sustenance below these levels will lead to severe corrections in the prices of crude oil. We recommend day / positional traders to take short positions between `3850--`3790 levels with a stop loss placed above `3889 levels for downside targets of `3740 / `3700 levels expected to be achieved over the upcoming 2-3 sessions of trade.

INVENTORY DATA

LME Warehouse Stocks (Inventory) and Volume

03 Oct 2011 METALS

Inventory MT 4,563,750 135,920 151,360 474,950 374,125 97,074 20,920 818,825 +/-3,575 0 -20 1,250 525 336 -430 -2,500

Volume MT 6,913,500 34,500 46,840 4,747,550 1,011,225 166,992 27,170 2,867,900 +/2,345,850 -119,980 -12,560 469,300 117,825 -33,792 -3,565 444,750

Aluminum Al Alloy NASAAC Copper Lead Nickel Tin Zinc

KEY SUPPORT RESISTANCE LEVELS

Commodity NCDEX Chana NCDEX Pepper NCDEX Soya Oil NCDEX Jeera NCDEX Guarseed Support 1 3084 35243 599 14608 4217 Support 2 2976 34902 589 14447 4110 CLOSE-PRICE 3193 35585 608.65 14769 4324 Resistance 1 3258 35783 614 14872 4394 Resistance - 2 3324 35982 620 14975 4464

DAILY COMMODITY OUTLOOK

MCX Copper MCX Nickel MCX Lead MCX Silver MCX Gold MCX Crude 333 880 95 51280 26463 3781 324 831 93 50516 26192 3726 343.25 929.20 97.35 52044 26733 3835 352 961 100 52804 26914 3914 361 993 102 53564 27094 3992

04 Oct, 11

th

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