Go short in Lead; target Rs 113.5: Sharekhan

Sharekhan has come out with its report Lead. According to the research firm, for the short-term traders, the bounce will be an opportunity to take a fresh entry on the short side.

Lead bears get ready

In case of MCX lead, the pullback rally faced resistance near the 78.6% retracement of the entire previous fall (from 135.35 to 88.45). From there, lead has entered a corrective phase. It has fallen from the daily upper Bollinger Band to the lower Band. Hereon, a minor-degree bounce till the 20-daily moving average (120) is possible. For the short-term traders, the bounce will be an opportunity to take a fresh entry on the short side. The reversal can be placed above 125.5. The short term target on the downside will be 113.5.

Date	Reco	SL/Reversal (Rs)	Price (Rs)	LTP (Rs)	Targets (Rs)
08-10-2012	Buy GBPINR	83.13	84.06	84.89	85.5/86.4
10-10-2012	Sell Copper	442	435.2	435.3	425 / 418
10-10-2012	Sell Nickel	956	943.7	943.1	920 / 905

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