MCX Lead February contract opened at 116.20 per Kg against previous close of 115.90. It made a low of 108.50 during the previous week. Buying continued in lead at 112-114 levels. Lead future prices remained above 13 days exponential moving average which suggests buying sentiments may continue.
Lead tested higher levels of 117.25 during the day. It last traded at 116.75.The contract faces resistance near 120 while its support is seen near 114.50.
Short term traders can buy MCX Lead February contract near 116.50 with stop loss of 114 and can wait for target of 119.50