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November 13, 2013 4:30 pm ISTVisit us at www.sharekhan.com

Punters Call

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 short-

Bears tighten grip on nickel

For Private Circulation only

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Nickel

term 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.

22 29 5

August

12 19 26 2 9

September

16 23 30 7

October

14 2 1 2 8 4 11

November

18 25 2

D

790

800

810

820

830

840

850

860

870

880

890

900

910

920

930

940

950

960

970

980

990

1000

1010

1020

0.0%

23.6%

38.2%

50.0%

61.8%

100.0%

836.60

890

0

5

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Riveting Metals November 13, 2013 Home22

Medium Term Trend

Target Trend Reversal Support / Resistance

Gold Cash US $ 1433.00 1251.00 1251/1433

Silver Cash US $ 25.08 20.48 20.48/25.08

Crude US $ 88.00 98.00 88/98

Copper $ (comex) 2.580 3.388 2.58/3.388

Zinc MCX 110.00 124.00 110/124

Nickel MCX 810 930 810/930

Icon guide

Up Upswing maturesDownswing matures

Down Sideways

Looking TrendyLooking Trendy

Short Term Trend

Target Trend Reversal Support/Resistance

Gold MCX 32000 29300 29300/32000

Silver MCX 50000 46700 46700/50000

Crude MCX 5700 6100 5700/6100

Copper MCX 440.00 460.20 440/460.2

Zinc MCX 114.00 122.00 114/122

Nickel MCX 840.00 903.00 840/903

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Riveting Metals HomeNovember 13, 201323

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For Private Circulation onlyHome

For November 13, 2013

Day Traders Hit List - Evening session

Instrument Support Levels LTP Resistance Levels Action

S2 S1 (Rs) R1 R2

Gold Cash USD ($) 1261.0 1270.0 1275 1280 1290.0 Buy Above R1/Sell below S1

Gold MCX Dec 29600 29900 30090 30250 30450 Buy Above R1/Sell below S1

Silver Cash USD ($) 20.54 20.65 20.76 20.85 21.00 Buy Above R1/Sell below S1

Silver MCX Nov 46500 47000 47230 47400 47850 Buy Above R1/Sell below S1

Copper MCX Nov 446.00 448.50 449.4 452.0 455.00 Buy Above R1/Sell below S1

Zinc MCX Nov 116.60 117.80 118.4 118.8 119.50 Buy Above R1/Sell below S1

Nickel MCX Nov 858.00 865.00 870.2 873.0 879.0 Buy Above R1/Sell below S1

Aluminium MCX Nov 110.70 111.60 112.20 112.60 113.50 Buy Above R1/Sell below S1

Lead MCX Nov 131.50 132.50 132.90 133.50 134.50 Buy Above R1/Sell below S1

Crude Oil USD ($) 92.00 92.86 93.37 93.90 94.80 Buy Above R1/Sell below S1

Crude Oil MCX Nov 5880.00 5930.00 5948 5970 6010.0 Buy Above R1/Sell below S1

Natural Gas MCX Nov 228.00 231.50 232.8 234.0 235.0 Sell below S1

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