The November futures of lead on the Multi Commodity Alternate (MCX) has been on a rally since taking help at ₹170 within the last week of September.
Nevertheless, at present buying and selling at ₹180, the contract is nearing a robust resistance area of ₹182-184. The lead futures haven’t been in a position to crack this resistance after a number of makes an attempt since July and thus, the worth area of ₹182-184 stays a robust hurdle. Till these ranges are breached, the contract will exhibit a bearish bias.
We forecast that the contract might begin falling from the present stage of ₹180 or after inching as much as the worth band of ₹182-184. On the draw back, it’s prone to depreciate to ₹175, a help stage. Subsequent help is at ₹173.
Commerce technique
Because the likelihood of the MCX-lead futures falling from the present stage is excessive, merchants can provoke recent quick positions. That’s, one can quick now at round ₹180 and add extra shorts if value strikes as much as ₹182. Place preliminary stop-loss at ₹185.
When the contract touches ₹175, ebook three-fourth of the shorts after which tighten the stop-loss to ₹177. Ebook the remaining positions when value dips to ₹173.