Pepper hit their upper circuit as farmers held on to their crop waiting for higher prices and on encouraging domestic demand.

Spot pepper jumped 192 rupees to end at 13,391 rupees per 100 kg in Kochi. April delivery gained Rs 529 and settled at Rs 13753/quintal. The contract touched the intraday high of Rs 13753/quintal while low of Rs 13240/quintal.

Now support for the pepper is seen at 13411 and below could see a test of 13069. Resistance is now likely to be seen at 13924, a move above could see prices testing 14095.

Trading Ideas:

Pepper trading range is 13069-14095.
Pepper hit upper circuit as farmers held on to their crop waiting for higher prices
Resistance for pepper is seen at 13880 and support is at 13620.
Yesterday we have seen that open interest rose by 987 and volume rose by 2972 lots.
BUY PEPPER APRIL ABV 13800 SL 13680 TGT 13880-13940-14000. NCDEX
Spot pepper prices jumped 192 rupees to end at 13,391 rupees per 100 kg

Courtesy: Kedia Commodities

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