Fundamental Analysis

Benchmark Unjha prices of Jeera are being quoted at steady to lower rates over the past few days due to high volatility at the Futures. Prices at the domestic market may not witness sharp fall as the stockists as well as buyers are in anticipation of a possible rise in the coming days.

Overseas orders have declined due to high volatility at the Futures. Buyers may enter once the prices stabilise.

Jeera Futures October contract have been witnessing rangebound trades past few days due to slow participation by the market participants. Prices at the Futures may not fall much in anticipation of rise in the prices at the spot.

Competitive prices of Indian Jeera at the international market may divert overseas buyers to the Indian nation. This may support the prices to strengthen once the prices stabilise.

Technical Analysis

Jeera prices (NCDEX October Contract) closed at 11799 down by Rs.134/quintal lower than Wednesday’s close of 11933.

Prices closed below its 10-Day and its 20-Day EMA. The 14-Day RSI is at 39.4 and is moving in sideways manner.

Jeera prices may witness sideways movement in the intraday.

Outlook

Jeera Futures are expected to trade in range bound manner for the intraday with no fresh fundamentals driving the prices. Medium to long term (September to October) trend still remains to be bullish as there are lower carryover stocks of Jeera with major producing nations.

Courtesy: Angel Commodities