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November 13, 2013 4:30 pm IST

Punters Call

Bears tighten grip on nickel

As can be seen from the adjacent chart, MCX nickel had rallied sharply in August this year. However, it stumbled near the psychological mark of Rs1,000. At that level it has faced resistance multiple times in the recent past. The base metal witnessed sharp selling near that level and formed a huge bearish outside bar. As a follow-through, the base metal tumbled down in September. From a low of Rs836.60 it formed a shortterm pull-back and retraced nearly 50% of the fall. Structurally, it has formed a bearish flag pattern and broken down. It has also broken the key daily moving average. Thus, the commodity can fall back towards the low of Rs836.60 with the potential to break the low. The reversal can be tightened to Rs890 on a closing basis.

Nickel
5 0

1020 100.0% 1010 1000 990 980 970 960 950 61.8% 940 930 50.0% 920 910 38.2% 900

890
23.6%

890 880 870 860 850

0.0%

840

836.60

830 820 810 800 790

22

29

5 Augus t

12

19

26

2 9 Septem ber

16

23

30 7 14 October

21

28

4 11 Novem ber

18

25

2 De

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Looking Trendy

Short Term Trend

Target Gold MCX Silver MCX Crude MCX Copper MCX Zinc MCX Nickel MCX 32000 50000 5700 440.00 114.00 840.00 Trend Reversal 29300 46700 6100 460.20 122.00 903.00 Support/Resistance 29300/32000 46700/50000 5700/6100 440/460.2 114/122 840/903

Medium Term Trend

Target Gold Cash US $ Silver Cash US $ Crude US $ Copper $ (comex) Zinc MCX Nickel MCX 1433.00 25.08 88.00 2.580 110.00 810 Trend Reversal 1251.00 20.48 98.00 3.388 124.00 930 Support / Resistance 1251/1433 20.48/25.08 88/98 2.58/3.388 110/124 810/930

Icon guide
Up Down Sideways Downswing matures Upswing matures

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November 13, 2013

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Day Traders Hit List - Evening session For November 13, 2013
Instrument
Gold Cash USD ($) Gold MCX Dec Silver Cash USD ($) Silver MCX Nov Copper MCX Nov Zinc MCX Nov Nickel MCX Nov Aluminium MCX Nov Lead MCX Nov Crude Oil USD ($) Crude Oil MCX Nov Natural Gas MCX Nov

Support Levels S2 S1
1261.0 29600 20.54 46500 446.00 116.60 858.00 110.70 131.50 92.00 5880.00 228.00 1270.0 29900 20.65 47000 448.50 117.80 865.00 111.60 132.50 92.86 5930.00 231.50

LTP (Rs)
1275 30090 20.76 47230 449.4 118.4 870.2 112.20 132.90 93.37 5948 232.8

Resistance Levels R1 R2
1280 30250 20.85 47400 452.0 118.8 873.0 112.60 133.50 93.90 5970 234.0 1290.0 30450 21.00 47850 455.00 119.50 879.0 113.50 134.50 94.80 6010.0 235.0

Action
Buy Above R1/Sell below S1 Buy Above R1/Sell below S1 Buy Above R1/Sell below S1 Buy Above R1/Sell below S1 Buy Above R1/Sell below S1 Buy Above R1/Sell below S1 Buy Above R1/Sell below S1 Buy Above R1/Sell below S1 Buy Above R1/Sell below S1 Buy Above R1/Sell below S1 Buy Above R1/Sell below S1 Sell below S1

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