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Lead Intraday/short term view 3.06.2014

Lead on MCX settled at 125.55 up by 1.80 rupees. Lead has witnessed a nice recovery from key support zones of 122 and settled nearer the three days high. Today price objective for bulls would be 125.70 any sustained move above that level would bring 126.60 on cards. Areas of 127-127.50 are expected to remain strong resistance and 2 or more closing above that level would bring more charm and then we may see 130 and more upside on cards. Support is now seen near 123.50 any sustained move below that level would bring more weakness and then we may see 122 and more down side.

Lead trading range for the day is expected among the key support at 123 and resistance at 125.5.

Recommendation:

  • Today buying lead around 125.10-124.80 with stop loss below 123.80 for targeting 126.40-127 and more upside might be appropriate.
  • Selling below 123.20 with stop loss above 124 for targeting 122.30-121 and more down side might be appropriate. 

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