We maintain our bullish view
in MCX Lead as prices are trading in a lower top and lower bottom formation but
recently it has taken support from Support line S- 108, and prices traded
higher towards upper resistance line R. Secondly prices have given fresh breakout
by breaching Resistance Line –R at Rs.114. We expect lead prices to trade
higher and hence we recommend to go long on decline with stop loss below Rs.
112.30 eyeing target at Rs. 119.40.
About Kotak Commodities
Kotak Commodities is promoted by the Kotak family that has decades of experience in
commodity trading, they have a full-fledged research division involved in macro
& commodity complex research and commodity specific research. This is
combined with a strong and well networked sales force, which helps deliver
current and up-to-date market information and news. For more information visit
their website. http://www.kotakcommodities.com/