Commodity	:	Cotton (Kapas)
Exchange	:	MCX
Perspective	:	Very Short Term

NCDEX APRIL-2012 CONTRACT





TECHNICALS:
Candlestick formation reveals buyers active participation. Prices have closed far below 9 and 18-day EMA’s thus supporting the bearish momentum in the short term. MACD is moving down in the negative region and hints at an increase in bearish momentum. RSI is moving up in oversold region and is warranting caution to the bears. Kapas futures may witness covering of shorts.


OUTLOOK:
Participants may cover their shorts.


INTRADAY TRADE RECOMMENDATION / SUPPORT AND RESISTANCES (NCDEX):





Do not carry forward the position until the next day.