Buy NCDEX Chilli Mar Fut above Rs 7025: Geojit Comtrade

Geojit Comtrade has come out with its report on Chilli, CPO and Kapas. According to the research firm, one can buy Chilli above Rs 7025, Kapas above Rs 928 and sell CPO below Rs 445.

Chilli Mar NCDEX: Chilli prices skyrocketed on Saturday and closed the session at 6992 levels. As prices cleared the 13 and 22 day EMA resistance at 6750, broad sentiments turned sanguine and may see the same momentum towards 7125 followed by 7250 levels in the near term. Meanwhile, bullish crossover of 13 with 22 also supports the outlook. On the other side, past slippage below 6675 could negate our near term bullish view.

Pepper Mar NCDEX: After a major bullish breakout last Friday, prices slipped on weekend and closed the session at 35660 levels. In the hourly chart, if prices are able to hold the horizontal support of 36700, upside momentum could continue towards 37000 followed by 37300/37500 levels. Conversely, any break below 36500 could prolong the long liquidations towards 36000 or even lower to 35800 levels. In the mean time, daily RSI indicator is showing neutral path.

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