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Lead view for short term traders

Lead March contract inched 1.65 rupees down to settle at 122.75. Metal headed a low of 121.30 yesterday but couldnot hold lower levels and settled well above 122.50. Today price objective for bears would be 121.30 any move below that level would bring 120-119 and more down side. Resistance is now seen near 124 any move above that level would bring retest to 125 zones. Key resistance would remain at 125.50 and any closing above that level would bring a retest to 127 and more upside.

Lead trading range for the day is expected among the key support at 121 and resistance at 125.

Recommendation:

·         Today selling lead on jumps around 124-124.50 with stop loss above 125.50 for targeting 122.50-121.40-120.50 and more down side.

·         In alternative scenario selling below 121.30 with stop loss above 122 for targeting 120.50 and more down side.

·         Buying above 125.60 with stop loss below 124.80 for targeting 126.30-127 and more upside might be appropriate. 

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