MCX being a stock exchange for commodities and Equity. Earlier recommended to take positions at earlier lows of 838.However stock went below earlier lows till 824.95 on 28th March. Due to fall in commodity prices, long term investors might like to take positions in turn revenue will be increased. MCX Exchange already started Equity trading for stocks and also going to start trading in Options.For more details please click here. Technically MCX found support in the range of 825 - 835.Go long on MCX even now if anyone did not positioned as per our earlier recommendation for an Immediate target of 935/954/1015/1135.
Stock is into trading range for almost one and half month in the range of 824 to 952.
MCX yesterday closed(906.2)) above 21 DEMA(894). Moving above 920 is short term trend reversals. Go long for immediate up move in this month as the news of starting derivative trading in stock F&O is around the market.
From the highs of 1617.9 stock corrected to 824.95
23.6% retracement is at 1015. Closing above this price in this month may take stock further higher levels.
38.2% retracement is at 1132. Stock probably may see resistance at these levels.
50% retracement is at 1225.
200 DEMA is lying at 1142.
Trades can use the SL as per their risk appetite. Investors can stick to the positions.