Lead futures (steady contract) on the Multi Commodity Change (MCX), after shifting out of the ₹184-187 vary in early September, began to consolidate inside ₹187 and ₹190. Subsequently, the contract was largely sideways however shifted the worth band upwards.
Nevertheless, the worth motion is bullish, indicating a rally from right here, probably to ₹192 within the quick run. After touching this degree, the pattern would possibly flip downwards. Alternatively, if the contract slips beneath the assist at ₹187, the place a rising trendline additionally coincides, the worth can drop to ₹184, a breach of which is able to flip the pattern bearish.
If the worth slips beneath ₹184, the contract would possibly witness a decline to ₹176-177 value band.
Commerce technique
We steered a protracted place at ₹187 final week. Since lead futures touched ₹190 on Monday, the revised stop-loss can be at ₹188. This was triggered on Tuesday, a truncated session.
Because the pattern stays bullish, merchants can contemplate contemporary longs. Purchase lead futures now at ₹188 with a stop-loss at ₹186. Ebook income at ₹192.
