SILVER:- Last week silver made the high of 38.18 against our estimate of 37.95.We are of the view that in 90% probability it has formed the top at 38.18 & only as the balance 10% it may attempt  for normal & overshoot target. Breach below the 36.80 will further diminishes the chances of normal & overshoot targets.We recommend selling short  around 37.30 with the stop placed at 37.75 for the  target  zone of 35.10-33.65. In rupee terms sell MAY 2011 MCX FUTURE 55400 with the stop of 56100  for the target zone of 52300-51750.

CRUDE:-Last week it  made the high of 106.69 against our estimate of higher high above 106.95.In our view it will attempt to cross 106.95 during the early part of the week & terminate a larger pattern & commence downward correction. We recommend going short on any rally  around 108.5 with stop of 110.00  or on breach of 104 for the  target  of 100.In rupee terms sell around  4820 with the stop of 4875 or on breach of 4620 for the  targets of 4435 & lower   in April 2011 FUT MCX.

NATURALGAS:-Last week it made the low of 4116 & high of 4432 against our estimate of 4100 & 4460. It is bullish & we have revised the upward target to 4640.We recommend holding long position  of 4100 with the stop of 4300 for the target of 4640. In rupee terms hold 186 long position with the stop of 194 for the targets of 206 & higher  for MARCH 2011 FUT MCX.

COPPER:-Copper has made the high of 445.45 against our estimate of 444 last week. Our outlook is still bearish & see it reacting to 427 & 415.We recommend selling short  at 445 with the tight stop of 452 for the target of 427 & 415.In rupee terms sell at  440 with the stop 446 for the target of 423 & 412 in APRIL 2011 FUTURE AT MCX.

LEAD:- Last week it made the high of 2747 just crossing the lower boundary of our estimated range. In our view it has either completed the move at 2747 or it may make one more attempt to surpass 2747 & move towards the 2870. We recommend the short position either above 2800 or on breach of 2620 with the stop of 2875 for the target of 2450. In rupee terms sell at 127   or on breach of 119.85 with the  appropriate stop   for the target of 112 or lower in MARCH 2011 MCX FUTURE.

NICKEL:- Nickel has  made the high of 27355 against our estimate of 28000.We recommend short position at 27600 with the stop of 28000 for the target of 26400.In rupee terms sell  at 1220 with the stop of 1230 for the target of 1185  in March 2011 MCX FUTURE.

ZINC:- ZINC has show much more weakness & last week it just moved sideways. However we are looking for the one more new low below 2229.We recommend selling short at 2375 with the stop of 2450 for the target of 2200.In rupee terms sell at 106.50 with the stop of 108 for the target of 100.50 at MCX MARCH 2011 FUTURE.

ALUMINIUM:-Aluminium  has competed the five wave pattern on the upside at 2654. We recommend selling short at 2640 with the stop of 2700 for the target of 2475.In rupee terms sell at 119 with the stop of 120 for the target of 115 at MCX APRIL 2011 FUTURE.