NCDEX Pepper Apr Fut to trade with negative bias: Sharekhan
Sharekhan has come out with its report on Pepper. The research firm expects NCDEX Pepper April Contract to trade with a negative bias for a target of Rs 33820, which is the weekly lower Bollinger Band. The reversal of the bearish stance is placed above Rs 36581, which is the 20-daily simple moving average.
March 21, 2013 / 11:52 IST
Sharekhan has come out with its report on Pepper. The research firm expects NCDEX Pepper April Contract to trade with a negative bias for a target of Rs 33820, which is the weekly lower Bollinger Band. The reversal of the bearish stance is placed above Rs 36581, which is the 20-daily simple moving average.
According to NCDEX Pepper April contract chart, Pepper was trading in a counter trend rally retracing the recent fall. For the past few trading sessions it has seen selling pressure from the upper Bollinger Band, and has also broken the previous swing low which indicates weakness in the agri-commodity. The momentum indicators have a negative crossover and are also trading below the 20-and 40-daily moving averages. Thus considering all the above factors we expect pepper to trade with a negative bias for a target of Rs33,820, which is the weekly lower Bollinger Band. The reversal of the bearish stance is placed above Rs36,581, which is the 20-daily simple moving average.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 
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