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Market Commentary By SMC
September 3, 2010
 
"Maybe the trend is your friend for a few minutes in Chicago, but for the most part it is rarely a way to get rich"
- Jim Rogers
 
 
IndiaNotes Blog
 

By continuing to read this article, you have read and agreed to the disclaimers at the bottom of this page.

COMMODITY

NEWS LETTER

Dated: 3 rd September- 2010

commodity_3mteam@yahoo.co.in

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MCX

  GOLD

(Oct. 2010)

We may consider down side support are 18700, and resistance exit 19050,crossover it will move further..... Over all looks good and decline to buy side. We may consider support range 18950-19000 as hold bull move continue....Small trading range........

comex GOLD :- As remain hold 1200 US $ no problem for bulls.

SILVER

(SEPT -2010)

Finally closed above 30000 level which indicate positive bias and last week closed with a strong gained at 30435. Now we may consider support are 29900,29500, resistance 30625, thereafter heading towards 31000 + above. Near to our target.. time to book profit in Sept series. More short covering today resistance 31450-31500 range... on reversal to sell side.....

LEAD

(Sept. -2010)

Today support 97.. crossover 100 and stay with volume more up side in this counter. Your stop loss 97.50 for long position.

COPPER

(SEPT. - 2010)

Looks good and closed above 346 indicate it will test 362-365 or above in the near term. Today support 355 and resistance 361.. crossover immediate target 365....

NICKEL

(Sept. - 2010)

At higher level to sell side....... Your stop loss 980 for position, resistance 1044... to be watch out....

ALUMINIUM

(Sept. - 2010)

Profit booking continue at higher level.....Now support are 93.. Crossover 96 and above more up side.

CRUDE

(Sep - 2010)

Now over sold counter and decline to buy side.... We may consider support are 3400....likely test 3600 mark in near term. Panic to buy side.

ZINC

(Sep -2010)

Now resistance are 98-100 range, whereas the support are 95.. Break and trade below will invite further down side. Above 100 show only power.

NCDEX

TURMRIC

(Sep)

NCDEX Turmeric September delivery fell further to the low of Rs 12584, down Rs 500 or 3.82 percent from the last close. The counter is currently quoted at Rs 12584 and open interest in the contract added 3.90 percent, indicating short selling. Support for turmeric is at 13024 below that could see a test of 12962. Resistance is now seen at 13164 above that could see a resistance of 13242.

Short Term Trend - Down

Next Target- 11200

Trend reversal - 13450

CHANA

(Sep)

Chana futures edged lower due to slowdown in pulses demand. Supply is expected to increase due imports of chana from Australia as well as increased arrivals. According to the fourth advance estimates, the production of chana in 2009-10, is expected around 7.35 million against actual production of 7.06 million tonnes last year.

Short Term Trend - Sideway

Next Target- Neutral

Trend reversal - 2320

SOYABEAN

(Sep)

September Soybean futures traded lower on account of better monsoon in major producing states like Madhya Pradesh and Maharashtra, which will result better yield. Fresh arrivals in sangli, Maharashtra also provided suppot to the bears.

Short Term Trend - Down

Next Target- 2025 below 2000

Trend Reversal- 2130

GURSEED

(Sep)

Short covering at the lower levels helped the falling prices for Guar recover to some extent. Prospects of good production due to improved rainfall activities in Rajasthan were there. Good rains - especially in Rajasthan have been imparting a bearish trend for the commodity.

Short Term Trend - Up

Next Target- 2080 above maintain 2140

Trend Reversal - 1960

JEERA

(Sep)

Jeera September contract gained Rs 33 and settled at Rs 13440 a kg on bargain buying, supported by lower arrivals and diminishing stocks. In India, jeera is cultivated during winter from October to December, and harvested during February-April. In Unjha, a key spot market in Gujarat, jeera dropped -9.5 rupees to end at 13907.65 rupees per 100 kg. The contract made intraday low of Rs 13305 a kg and high of Rs 13545 a kg. Support for jeera is at 13315 below that could see a test of 13190. Resistance is now seen at 13555 above that could see a resistance of 13670.

Short Term Trend- Sideway

Next Target- Neutral

Trend Reversal- 14230

PEPPER

(Sep)

NCDEX Pepper September delivery tumbled by 1.44 percent or Rs 284 to the session low of Rs19612 per 100 kg. The counter breached the previous support levels of Rs 19811-19700 level. The counter is currently quoting lower at Rs 19707, down 0.96 percent from the last close and the open interest dipped 0.06 percent, indicating profit taking. Volume traded as of now stood at 4,196 tonnes.

Short Term Trend - Down

Next Target- 18200

Trend Reversal- 20500

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DISCLAIMER: Stock trading involves high risk and one can lose Substantial amount of money. The recommendations made herein Do not constitute an offer to sell or solicitation to buy any of the Securities mentioned. No representations can be made that recommendations contained herein will be profitable or they will Not result in losses. Readers using the information contained herein are solely responsible for their actions. The information is obtained from sources deemed to be reliable but is not guaranteed as to accuracy and completeness. The above recommendations are based on technical analysis only. NOTE WE HAVE NO HOLDINGS IN ANY OF STOCKS RECOMMENDED ABOVE

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