Sell NCDEX Pepper fut; resistance at Rs 36528: Fortune Fin
Fortune Financial Services has come out with its report on spices. According to the research firm, NCDEX Pepper future contract is expected to remain Negative on chart, traders are advised to sell and intraday resistance is seen near Rs 36123-36377-36528.
March 25, 2013 / 11:11 IST
Fortune Financial Services has come out with its report on spices. According to the research firm, NCDEX Pepper future contract is expected to remain Negative on chart, traders are advised to sell and intraday resistance is seen near Rs 36123-36377-36528.
Pepper contracts on the NCDEX were trading firm on hopes that exports may pick up as enquiries have started trickling in. Though new crop arrivals are expected to rise in the coming days, supplies are still limited, aiding overall market sentiment. The April pepper contract was at 36,080 rupees per 100 kg, up 80 rupees from close Friday, while the May contract traded at 36,030 rupees per 100 kg, up 55 rupees. On Friday , Most spices futures on the National Commodity & Derivatives Exchange ended in the red today, with coriander closing down over 2percent taking cues from fall in spot prices. Pepper futures, however, ended higher due to short covering. In key Kota market, coriander quoted 6,400-6,500 rupees per 100 kg, down 200 rupees from the previous day. Sharp rise in arrivals coupled with weak demand from stockists weighed on coriander prices. Chilli futures ended over 1percent lower from the previous close due to sluggish domestic demand and weak export enquiries, analysts said. Thin trade in key spot markets weighed on the sentiment. Jeera futures ended in the red due to weak demand from bulk buyers and higher production estimates. Most turmeric futures also ended down 2percent tracking fall in spot prices. Turmeric prices fell in key Nizamabad market to 6,300 rupees per 100 kg, down 100 rupees from the previous close. Turmeric prices in spot market came under pressure due to sluggish demand from bulk buyers. Most cardamom futures on the MCX ended lower, except the most-active April contract that closed higher due to bargain buying and lower production estimates.Technical:NCDEX Jeera future contract is expected to remain Negative on chart, traders are advised to sell and intraday resistance is seen near 13058, 13108 & 13160. Intraday support is seen near 13005 12955 & 12903.NCDEX Pepper future contract is expected to remain Negative on chart, traders are advised to sell and intraday resistance is seen near 36123-36377-36528. Intraday support is seen near 35718-35567-35313.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.To read the full report click on the attachment 
Read More
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
