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Nov 22, 2012, 12.24 PM IST | Source: Moneycontrol.com

Buy Refined Soy oil on dips: Geojit Comtrade

Geojit Comtrade has come out with its report on agricultural commodities. The research firm has recommended to buy Cardamom, Refined Soy Oil on dip; sell Pepper on pullbacks in its report dated November 22, 2012.

Geojit Comtrade has come out with its report on agricultural commodities. The research firm has recommended to buy Cardamom, Refined Soy Oil on dip; sell Pepper on pullbacks in its report dated November 22, 2012.

Refined Soy oil Dec NCDEX: Prices traded higher from a low of 694.60 and later closed at 707.50 levels. As prices broke the major resistance zone of 704 levels yesterday, the trend turned bullish and expects a move towards 711 followed by 718 levels. Proportionate increase in volume will also required for such strong rallies. On the lower side, a break below 694 may see a sharp lower correction to 685 levels in the near term.

Pepper Dec NCDEX: Prices plummeted sharply from a high of 39110 and later closed at 37730 levels. For the day, expect a bounce back to 38370 before resuming the downtrend towards 37500 followed by 36900 levels. Meanwhile, RSI is extremely over sold, might reduce chances of such strong sell offs. On the higher side, a direct rise above 38600 could lift prices to 39200 levels in the near term.

Cardamom Dec MCX: As prices cleared major obstacle at 906 levels, expect a rally towards 925 levels.

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