Pepper rebounded from the last session loss on strong fundamentals and technical support.
Fundamentally, pepper market is strong on strong domestic, overseas demand and lower stock position. Exports from India got some revival in the last month and market sources expect winter season demand from north Indian buyers in near term.
November delivery gained Rs 147 and settled at Rs 15024/quintal. The contract touched the intraday high of Rs 15049/quintal while low of Rs 14842/quintal.
Now support for the pepper is seen at 14894. And below could see a test of 14765. Resistance is now likely to be seen at 15101, a move above could see prices testing 15179.
Trading Ideas:
PEPPER TRADING RANGE IS 14750-15250.
PEPPER ENDED HIGHER ON STRONG FUNDAMENTALS AND TECHNICAL SUPPORT
BUY PEPPER ABV 15100 SL 14980 TGT 15160-15220-15280.
PEPPER IS TAKING RES AT 15100 ABV THIS LOOKS TILL 15180-15320.
SPOT PEPPER FELL MORE THAN 6 RUPEES TO END AT 14826.25 RUPEES PER 100 KG
Courtesy: Kedia Commodities Want to get Futures prices on your mobile? Click here
