Chilli February prices are projected to continue the recovery on follow through buying. Though overall trend is very subdued on higher production estimates, still export demand in small amount might limit losses. Stocks available at spot market are around 8-10 lakh bags.
Andhra Rabi chilli area is reported 0.43 lakh ha as on 14th December v/s 0.40 lakh ha yr ago. According to derivative analysis, prices, volumes and open interest have increased.
It is a good indication that Market is attracting larger numbers of traders willing to open positions from the long side and hold them.
Traders are more confident that prices will continue to climb in favor of a working long.
Chilli NCDEX Feb-12 support: 5962 6045 resistance: 6187 6230 Buy at 6080 TP 6240 SL 5960
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