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Lead view for intraday trader

Lead January contract inched 1.35 rupees up to settle at 138. Lead has placed key support near 136 zones and likely to hold this support in coming days. Today price objective for bulls would be 140.10 any sustained move above that level would bring more charm in this commodity and then we will see a rally towards 142 and more upside. Support is now seen near 137 and then at 136 any sustained move below 136 would bring more weakness in this commodity and then retest to 133 zones cant be ruled out.

Trading range for the day is expected among the key support at 135 and resistance at 140.

Recommendation:

* Today buying lead on declines around 138-137.50 with stop loss below 136 for targeting 140-142 and more upside might be appropriate in short term.

* In alternative scenario selling below 135.80 with stop loss above 137.30 for targeting 134 and more down side might be appropriate.

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