Festive demand may support Mustard Price

Fundamental Analysis

November Mustard seed futures opened lower in tandem with soybean, but it is managed to close higher on short covering.

Lower stock of mustard seed and festive demand are also provided support to bulls for short term.

Mustard seed prices witnessed slightly up across regional exchanges like Hapur, Delhi and Sirsa.

Hapur Mustard Seed futures (Nov contract) closed slightly higher at Rs. 635.70/20 kg on Friday, up by Rs 0.20/20 kg as compared to previous close.

Technical Analysis

Prices (NCDEX Nov Contract) closed higher at 580.00 on Friday; from its high of the day (584.35) and touched a low of 569.00.

Prices closed below its 10 Days & its 20 Days EMA. 14-Days RSI is at 47.80.

Prices are expected to sideways down with short-term support and resistance.

Outlook

Mustard seed prices are expected to trade lower on weak sentiments in global market. Mustard seed prices are expected to trade down on account of harvesting pressure of soybeans. Higher production estimates of total oilseeds also in favor of bears in the market.

Courtesy: Angel Commodities