Sharekhan has come out with its report Zinc. According to the research firm, zinc is currently trading near the lower end of the falling channel. Thus, a minor degree bounce till the upper end of the channel (106.5) is possible, which should be used as a selling opportunity.
As can be seen from the chart, MCX zinc moved up in a channelised manner. It broke down from the upward sloping channel and entered a corrective mode. Since then, the base metal is tumbling down. The fall is also unfolding in a channelised manner. The daily momentum indicator is in line with the price fall. However, zinc is currently trading near the lower end of the falling channel. Thus, a minor degree bounce till the upper end of the channel (106.5) is possible, which should be used as a selling opportunity. The reversal can be placed above the swing high, ie 107.5. The key level on the downside will be 102.5, ie the 78.6% retracement mark.
| Date | Reco | SL/Reversal (Rs) | Price (Rs) | LTP (Rs) | Potential P/L at CMP (%) | Targets (Rs) |
| 08-10-2012 | Buy GBPINR | 83.13 | 84.06 | 84.55 | 0.58 | 85.5/86.4 |
| 10-10-2012 | Sell Copper | 442 | 435.2 | 436.7 | -0.34 | 425 / 418 |
| 10-10-2012 | Sell Nickel | 956 | 943.7 | 935.5 | 0.87 | 920 / 905 |
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click on the attachment
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