28-Apr-15

FOR PRIVATE CIRCULATION ONLY

37

COMMODITY
EXCHANGE
PRECIOUS METALS

30

31

CONTRACT

CLOSE

3X

6X

PRICE TREND

RSI

RSI TREND

OVERALL TREND

MCX

June

27083

26852

26837

Bullish

60.79

NEUTRAL

BUY

MCX

May

37148

36273

36204

Bullish

59.3

NEUTRAL

BUY

COPPER
ZINC
NICKEL
ALUMINIUM
LEAD
STEEL
ENERGY

MCX
MCX
MCX
MCX
MCX
NCDEX

April
April
April
April
April
AUG

387.65
146.1
853
116.15
133.5
30160

381.9
142.7
830.0
114.8
130.9
30477

379.6
140.9
815.1
114.7
129.6
30638

Bullish
Bullish
Bullish
Bullish
Bullish
Bearish

63.52
88.64
70.65
68.79
88.78
23.12

NEUTRAL
Overbought
Overbought
NEUTRAL
Overbought
OVERSOLD

BUY
HOLD
HOLD
BUY
HOLD
HOLD

CRUDE OIL
NATURAL GAS
OILSEEDS

MCX
MCX

May
May

3611
160.3

3646
161.4

3630
162.0

Bearish
Bearish

59.05
35.25

NEUTRAL
NEUTRAL

SELL
SELL

SOYBEAN
MUSTARD
REFINED OIL
CS OILCAKE
CPO
CASTOR SEED
SPICES

NCDEX
NCDEX
NCDEX
NCDEX
MCX
NCDEX

June
May
June
May
April
May

4115
3865
593.4
1811
439.8
3802

4025
3782
592.6
1787
441.5
3791.7

3902
3732
588.5
1767
440.6
3725.5

Bullish
Bullish
Bullish
Bullish
Bearish
Bullish

91.07
84.43
78.5
66.12
51.57
64.39

Overbought
Overbought
Overbought
NEUTRAL
NEUTRAL
NEUTRAL

HOLD
HOLD
HOLD
BUY
SELL
BUY

CORIANDER
NCDEX
JEERA
NCDEX
TURMERIC
NCDEX
CARDAMOM
MCX
PULSES AND GRAINS

May
May
May
May

10113
17875
8676
836.2

10508
18155
8422
847

10329
18186
8386
844

Bearish
Bearish
Bullish
Bearish

58.11
59.53
66.49
35.38

NEUTRAL
NEUTRAL
NEUTRAL
NEUTRAL

SELL
SELL
BUY
SELL

WHEAT
MAIZE
CHANA
OTHERS

NCDEX
NCDEX
NCDEX

May
May
May

1471
3865
4226

1677
1210
4103

1677
1210
4011

Bullish
Bullish
Bullish

60.11
84.43
81.61

NEUTRAL
Overbought
Overbought

BUY
HOLD
HOLD

MENTHA OIL
SUGAR
FIBER

MCX
NCDEX

April
May

987.1
2487

1001
2471

990
2452

Bearish
Bullish

63.33
61.27

NEUTRAL
NEUTRAL

SELL
BUY

MCX
NCDEX

April
April

16530
818

16281
811

15996
806

Bullish
Bullish

74.26
59.74

Overbought
NEUTRAL

HOLD
BUY

GOLD
SILVER
INDUSTRIAL METALS

Cotton
Kapas

FOR PRIVATE CIRCULATION ONLY

KCSL Research: Trend is Friend

KCSL Research is introducing a new technical report. If you believe trend is your friend, and prefer not to trade against the trend then the signals
generated are for you. If you choose to trade against the depicted trend, you are a counter trend trader. There is usually more risk associated with
trading against the trend.

What is the Report?

3x and 6x levels are the moving average of previous 3 and 6 days pivots.
The report is calculated based on end of the day data. We are comparing previous days close with 3x & 6x to determine the trend. The report may
not be effective for live intraday trades.
RSI is technical momentum indicator that compares the magnitude of recent gains to recent losses in an attempt to determine overbought and
oversold conditions of an asset. It is possible that a commodity continues to rally/decline even after RSI has given a signal of overbought/oversold.
#N/A in the report implies No Action to be taken.

Disclaimer

This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or redistributed to any other person. Persons into whose possession
this document may come are required to observe these restrictions.
This material is for the personal information of the authorized recipient, and we are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an
offer to buy any commodity or commodity derivative in any jurisdiction where such an offer or solicitation would be illegal. It is for the general information of clients of Kotak Commodity Services
Limited. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients.
We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither Kotak
Commodity Services Limited, nor any person connected with it, accepts any liability arising from the use of this document. The recipients of this material should rely on their own investigations and
take their own professional advice.
Price and value of the investments referred to in this material may go up or down. Past performance is not a guide for future performance. Certain transactions -including those involving futures,
options and other derivatives as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. Reports based on technical analysis centers on studying charts
of a stock's price movement and trading volume, as opposed to focusing on a commoditys fundamentals and as such, may not match with a report on a commodity's fundamentals.
Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may
be regulatory, compliance, or other reasons that prevent us from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject
to change without notice. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.
We and our affiliates, officers, directors, and employees world wide may: (a) from time to time, have long or short positions in, and buy or sell the commodities mentioned herein or (b) be engaged in
any other transaction involving such commodities and earn brokerage or other compensation or act as a market maker in the commodity/(ies) discussed herein or have other potential conflict of
interest with respect to any recommendation and related information and opinions.

Aurobinda Gayan- Vice President Research

aurobinda.gayan@kotakcommodities.com

Fundamental Team
Faiyaz Hudani- AVP Research

Oilseeds; Grains

faiyaz.hudani@kotakcommodities.com

Sudha Acharya-Sr. Research Analyst

Pulses; Spices; Cotton

sudha.acharya@kotakcommodities.com

Madhavi Mehta- Sr. Research Analyst

Bullion; Energy

madhavi.mehta@kotakcommodities.com

Priyanka Jhaveri- Sr. Research Analyst

Base Metals

priyanka.jhaveri@kotakcommodities.com

Technical Team
Dharmesh Bhatia- DVP Research

dharmesh.bhatia@kotakcommodities.com

Tapan Patel- Sr. Research Analyst

tapan.patel@kotakcommodities.com

Shabbir Kayyumi- Research Analyst

shabbir.kayyumi@kotakcommodities.com