Commodity outlook by Tradebulls Securities: Buy lead, sell nickel

Commodity outlook and trading ideas by Bhavik Patel - Sr. Technical Analyst (Commodities), Tradebulls.

Indian rupee continues to strengthen on the back of FIIs inflows. The currency is expected to test levels of 69.30-69.40. The domestic unit is nearing its oversold territory but there isn’t any divergence which suggests a reversal is imminent. So sell on the rise should be the theme until 71.40 is not breached on the upside. Clearly, there is a very slim correlation between US dollar and Indian rupee. Last week, inspite of US dollar index (DXY) reaching 52-week high, Indian rupee traded strong as we are seeing nearly Rs 4,000 crore of inflows this month. Another factor which affects