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Investment Guru India 2018-02-13 12:28:22

* Multi Commodity Exchange of India is the leading commodities exchange in India based on value of commodity futures contracts traded. They are a de-mutualised exchange and received permanent.

• They offered trading in 43 commodity futures based on contract specifications, from a diverse range of classes including bullion, ferrous and non-ferrous metals, energy, weather and agriculture. The same underlying physical asset traded under different contract specifications is regarded as a separate commodity future. For example, Gold, Gold Mini and Gold Guinea, all of which are gold futures contracts, are treated as three different commodities in deriving the total number of commodity futures traded on their Exchange.

• MCXCCL - Multi Commodity Exchange Clearing Corporation (MCXCCL) was incorporated on August 1, 2008 under the Companies Act. MCXCCLs main business is, to facilitate, set up and carry on the business of clearing and settlement of commodity and commodity derivatives and other commodities and instruments of all kinds and to initiate, facilitate, promote, assist, undertake and manage all activities in relation to commodity exchanges, commodity derivatives exchanges, commodity markets, securities, currencies, warehouse, custodial and depository services.

• They have relationships with, among other institutions, Department of Economics (Autonomous) University of Mumbai, FT Knowledge Management Company Limited, Symbiosis Institute of International Business, Takshashila Academia of Economic Research Limited and NCUI NCCT - VAMNICOM. In addition, they have entered into agreements with National Bulk Handling Corporation Limited (NBHC) for the provision of services in connection with warehousing and the physical deliveries for settlement of futures contracts traded.

Technical Outlook

• On a daily chart, the stock has formed ‘AB=CD Bullish Harmonic Pattern’, the coordinates of which are as follows: AB leg has formed from 1420 to 930, BC leg (50% retracement of AB leg) is from 930 to 174.8, CD leg (200% extension of BC) is 1160 to 672. • On a weekly chart, the stock has formed a “Hammer” candlestick which is a bullish reversal formation and indicates an upside movement in the counter.

• On a monthly chart, after giving a healthy correction from its 52 Weeks high level, the stock is finding a support near to its 690 level which is a 61.80% Fibonacci Retracement Level of its previous move from 238 level to 1420 level which suggests a northward movement in the counter.

• A daily momentum indicator RSI reading is at 31.94 level with a positive crossover, apart from this, it has just come out from its oversold zone which points out for a positive breath in the stock.

• Based on the above technical structure, we are expecting an upside move in the counter in few trading session.

Recommendation

Buy Multi Commodity Exchange of India Ltd @ 748 & Upto 740 Stoploss 695 Target 855

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