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Pepper futures has get a good recovery is seen in prices last week, moving close to resistance at 39,900. On the indicators: 14‐week RSI is trading above 50, also above its moving average line but upside is seen capped by the resistance (as marked on the chart), giving no clear direction while momentum indicator MACD and its deviation line are trading well above zero & with a increasing positive difference between the two, is a sign of bullish trend in the near‐term.
Chana prices on futures are trading steadily with strong support seen at 3430 and resistance at 3790 above which prices have failed to close at every break‐out on a w‐o‐w basis. For the near‐term, prices are expected to trade in the range of 3420‐3800 levels and a dip towards support or a close above 3800, on a weekly basis should be a buying opportunity.
NCDEX Tips For Near term-
NCDEX Chana May Buy above 3705, For Target of 3900 with a stoploss of 3600.
NCDEX Jeera May Sell Near 13500, For Target of 11000 with a stoploss of 14300.
NCDEX Chilli May Buy Near 4950, For Target of 5200 with a stoploss of 4800.
NCDEX Cardamom May Buy Near 1070, For Target of 1300 with a stoploss of 1020.
