Incidentally Reliance has covered about half it's 'Election result' Gap ... I will not be surprised if Nifty too does something similar in days (or weeks to come) !
Taking NAT GAS on the MCX .. I presume it is too making a bottoming formation and this formation is nearing completion.
A break above Rs 212 and a close above Rs 220 should give us signals of the bottoming out being completed. We may then target Rs 275 - 300 levels in the medium term.
As for Zinc, I presume the stoploss of Rs 71 on close hold... The break out on closing chart has occured suggesting 'active interest' on upside.. Watching closely !!!
Happy bottom fishing in Commodities !
CA Rajiv D Khatlawala
Head of Research and Training
JHAVERI Securities Ltd
Baroda.
4 comments:
Dear Mr Khatlawala
I have been following your blog for a long time. Its very nice of you to spend time to post your analysis.
When you say to watch Zinc - does that mean that Hindustan Zinc is to be watched? Or can we trade zinc through Demat.
Similar with nat gas - should we be watching ongc?
Thanks for your time.
Nitish
Nitish ... when i analyse Zinc or Nat Gas ... I always mention (MCX)... meaning that these commodities are analysed based on their price movement on the commodities exchange ..
NO - I am not talking about Hind Zinc or ONGC ...
Stocks may have their own chart set up while commoodities their own ...
Presume i have been able to clarify.
Regards
Thanks Rajiv, that was helpful.
Rajiv, doesn't the recent action in Zinc imply a false breakout? If yes, shouldn;t we get out now?
Post a Comment