Buy Jeera on dip; RM Seed above Rs 3631: Geofin Comtrade

Geofin Comtrade's report on agricultural commodities

Jeera Feb NCDEX: Jeera prices accelerated from the 22 day EMA support of 14824 and later closed the day at 15590. As prices broke the upper trend line resistance at 15550 and managed to close above the same could set a platform for further upside towards 15875 followed by 16285. However, it is required to confirm the signals of daily RSI (14) for a major upside in the near term. However, on the other side, any fall below 15200 could deter the bullish sentiments in the immediate run.

Rmseed Apr NCDEX: Rmseed prices pushed higher from the low of 3565 and later closed the day at 3616 levels. Prices are now necessary to surpass the 50 percent Fibo-nacci projection of 3631 (moves taken from 3333 to 3622) for the following rally to continue upward to 3665 and then 3707 levels. Moreover, an increase in open interest along with volume supports the current sentiments. However, unable to do so could see a choppy session and a fall below 3550 could hamper the moves in the long run. Hence, we recommend buying above 3630 levels.

Castor seed Feb NCDEX : While trading below 4700 for the following lower correction towards 4640/4600 levels.

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