Commodity Face Today
NCDEX Chana traded with high volatility as traders waited for some dips before initiating fresh demands in the mandis. Sentiments did remain positive but after the recent significant rise in rates, intermittent profit booking too got noted. Good domestic demand amidst falling arrivals kept trend up. Markets are however at strong psychological Resistance of 4000.High volatility was noted for Jeera as more profit booking were noted for the commodity after the recent strong rise in prices. Markets found strong psychological resistance at the 18000 levels. Short term some dips can be there from profit booking but overall Fundamentals remained strong. Rising export demand amidst falling arrivals in the mandis and lower production reports kept supporting prices. Firmness in Dollar vs Re further aided the export front. An expected 25-30% lower sowing area is already keeping prices firm. Exports are rising and expected to rise further in coming weeks.
NCDEX Tips Today
NCDEX Tip for Chana: Resistance range is been found around 4036-4060 levels while a strong support level is at 3972 if NCDEX Chana cross this level then it will follow 3956 level today, Traders are recommended to sell chana at 3981 level.NCDEX Tip for Jeera is trading on a sideways zone today with a support level at 17320 and 17200, while a strong resistance is set at 17840 if Jeera cross this level if may jump upto 18120 level. We recommend a sell in it.
