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Feb 05, 2013, 03.20 PM IST | Source: Moneycontrol.com

Expect buying in RM Seed above Rs 3480: Emkay

Emkay Commodity Research has come out with its report on RM Seed. According to the research firm, April RM Seed needs to clear Rs 3480 levels initial to attract any buying interest, failure of which can take prices back to Rs 3430 levels.

Emkay Commodity Research has come out with its report on RM Seed. According to the research firm, April RM Seed needs to clear Rs 3480 levels initial to attract any buying interest, failure of which can take prices back to Rs 3430 levels. 

RM seed prices witnessed firm sentiments in key cash markets on improved demand from millers while in futures, it closed down amid good rains forecast in N. India considered to be supporting factor in the bumper crop harvest.
As per the latest official estimates, the RM seed planting is up 2.70 per cent compared to the corresponding period last year. Reportedly, rapeseed/mustard seed sowing (as on 24 Jan 2013) stands at 67.11 lakh ha compared to 65.35 lakh hectares at the same period last year. RM seed is expected to trade in range on good rains forecast and increased spot demand.

Technical:  April RM Seed needs to clear 3480 levels initial to attract any buying interest, failure of which can take prices back to 3430 levels.  A decisive break and close above 3520 or below 3420 can give clear confirmation for future direction. 

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