Turmeric May Ease the Prices and Commodity Intraday Tips

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Turmeric May Ease the Prices and Commodity
Intraday Tips
Turmeric Prices opened slightly weak below
yesterday close at INR 7022 and traded with
bearish bias during initial trading hour.
However, it decline during next hour and traded
sideways to weak during rest part of the trading
session. Finally it closes with the formation of
filled body candle indicating possibility for
further decrease during short term. OI continue
to drop down for April contract and the prices
able to trade within previous day range
indicating near term weakness. However, any major
decline is likely to find support towards INR
6696/6510 from where short term technical bounce
is possible. The 14 days RSI and Stochastic
(9,3,3) starts weakening which shall keep
prices to trade steady to weak. MACD is
trading in positive zone signifies strength in
coming trading weeks. Prices already trading
above 50 and 100 day EMA were signaling positive
trend in coming trading session. Prices are
likely to trade sideways during coming couple of
trading session Cardamom After a significant
fall during yesterdays trading session, Cardamom
prices pared its initial losses made during the
early trading session and surge up to test
towards its intraday resistance towards INR 776.
It finally closes with the formation of
un-filled candlestick indicating either
higher open or might cool down after
initial surge towards its resistance.
However, it is a pullback rally which might
results due to short covering in near
month contracts. However, OI starts building
in the far month contracts with relatively
higher volumes which might keep the trade
volatile for short term. However, it might find
support towards INR 768 and breaching the same
might trigger fresh selling which is likely to
test towards INR 748. In case of any jump it
might find stiff resistance towards INR 805/822
as it might find strong selling pressure towards
its falling trend line which might limit any
sharp upside. The 14-day RSI and stochastic
(9, 3, 3) is trading in neutral region
indicating further sideways to positive
trend. Concisely prices are expected to show
recovery from lower levels and one may buy around
supports Jeera Prices opened steady at INR
11560 and slipped sharply but being unable
to break the given support at INR 11440
recovered marginally and ended the day with the
formation of a bearish candle signifies sideways
trade in current trading session but weakness
could be seen only below the break of the support
at INR 11440. OI improves while Volume declines
during Monday trading session indicating long
liquidation. Prices are in a bearish phase and
the same is likely to extend further. Any surge
further might get resistance near its 20 and 50
day EMA where prices might get some resistance.
However, any major decline is likely to find
support towards INR 11440/11275 from where
short term technical bounce is possible. MACD
is trading in the negative zone supporting the
bear trend in coming days. The 14 days RSI and
Stochastic (9,3,3) starts weakening which shall
keep prices to trade steady to weak. Concisely
prices may slip further and one may enter in
short if prices gave some recovery. Soyabean
March soybean opened on a positive note and the
upward momentum lasted till close of play. The
second month derivative successfully closed above
the 4000 mark gaining Rs.36 on a quintal. MACD is
trading with a positive note. The candlestick
pattern once again shows steady improving demand
at
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current levels. The RSI bears a bullish view for
the upcoming session. Ability of the March
contract to trade above an important zone of 3990
and 3995 reflects improving prospects for the
upside movement. On the whole there is likelihood
for another bullish session. We would suggest
initiating long positions after a moderate drop
in prices. Commodity Intraday Tips Buy Soyabean
Ncdex March Near 4035 Sl 4020 Tgt 4060-4069 Sell
Turmeric Ncdex April near 7030 Sl 7135 Tgt
6050-6780 Buy Cardamom Mcx near 768 sl 748 Tgt
790-796