Date: 24.01.2012
MCX Aluminium at MCX is likely to find support at Rs 110 per kg to Rs 109.5 per kg and resistance at Rs 110.9 per kg and Rs 111.3 per kg on Tuesday, 24th January.
MCX Aluminium ended higher on Monday solaced by the hopes on the Chinese demand and EU FinMin meeting to come out with constructive results. But, lull on the the decisison curbed huge gains in the metals during the late session of the trade. LME Aluminum surged by 0.34% at $2229.5 per tone. Meanwhile, the LME inventories rose by 5700 tones to 5010,750 tones on Monday compared to 5005,050 tones registered yesterday curbed huge gains in the metal.
Likewise at MCX, Aluminums surged by 0.45% or Rs 0.5 to Rs 110.6 per kg with its high at Rs 110.85 per kg and low at Rs 110.6 per kg. The open interest dipped by 3.8% to 1732 lots indicating short covering and volume traded stood at 4081 lots compared to 52 lots traded last day. The contract traded above 9-day EMA and RSI stood at 57.57. www.goldennifty.com
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