AHMEDABAD (Commodity Online): Kapas Prices at NCDEX, April contract saw some selling presure at higher levels in last couple of trading sessions but it trades up in today's trading session due to fresh buying sentiments.
It opened at 844 per 20 k.g and started trading upside and made an intraday high at 860.90 and still expected to trade upside.
In near term, price trend likely to depend on demand from millers and exporters at higher prices.
Kapas prices trading at NCDEX, April contract is having resistance at 880 level and if it gives closing above that it may touch 940 level.
Technically, 14 days RSI on Daily chart at 69 indicates upside trend.
Kapas prices trading at NCDEX, April contract is having good support at 820 level.
‘’Traders should look for the opportunity to buy on dips”, said Milan Shah, Commodity Analyst with Commodity Online.
To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050 or mail to tips@commodityonline.com
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