Sell MCX CPO April below Rs 450; target Rs 440: Emkay

Emkay Commotrade has come out with its agri commodities. According to the research firm, one can sell MCX CPO April below Rs 450 for a target of Rs 440 with a stop loss of Rs 455.

The price of the red chilli may not move up in the near future. Farmers can consider offloading the produce upon harvest instead of storing it in anticipation of better rates, say Domestic and Export Market Intelligence Cell (DEMIC) experts. Advising farmers to sell the produce on harvest, the DEMIC functioning at the Tamil Nadu Agricultural University said ‘the export order for the red chilli is limited. The possibility of any increase in the price would depend on fresh export orders.’

SOYBEAN:
Apr Soybean is likely to trade in range beween 3450 – 3520 levels for the day.
Any break and close above 3520 can only attract its potential buying.

Contract - April
Strategy - Range
Entry - 3450-3520

SOYOIL:
April R. Soy Oil price has to clear 675 levels to attract potential gains that will make a way towards 684 levels.
For the day trend remains mixed and is expected to trade sideways between 668 – 675 levels.

Contract - March
Strategy - Range
Entry - 668-675

PALM OIL:
MCX CPO April contract has been holding well above strong support levels of 452-451 levels since 28th Dec 2012.
Any decisive break and close below 451 can attract more selloffs, targeting 435 levels.

Contract - April
Strategy - Sell below Rs 450
Target - 440
Stop loss - 455

RM SEED:
April RM Seed is required to hold above 3430 levels to attract additional buying interest.
Failure of which can put prices under pressure

Contract - April
Strategy - Range
Entry - 3400-3440

JEERA:
NCDEX Jeera April contract has settled well below middle line of Bollinger Band signaling weakness.
For intraday the outlook is negative so sell on rallies should be the strategy.

Contract - April
Strategy - Sell around Rs 13200
Target - 12800
Stop loss - 13400

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