Pepper prices may slip to Rs 37631: Sharekhan

Sharekhan has come out with its report on Pepper. The research firm expects pepper to correct till the 20-and 40-DMAs, which are Rs37900 and Rs37631 respectively. The reversal of the bearish stance is placed above the swing high of Rs39475.

We can observe that Pepper has been trading in a sideways manner for the past few trading sessions. On a longer time frame it has faced resistance at Rs39700, which is the 40-weekly exponential moving average. The momentum indicators have triggered a negative crossover which is a bearish sign for the agri-commodity. It is trading above the 20-and 40-daily moving averages (DMAs), which is a crucial support for the agri-commodity.

We expect pepper to correct till the 20-and 40-DMAs, which are Rs37,900 and Rs37,631 respectively. The reversal of the bearish stance is placed above the swing high of Rs39,475.

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