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“Traders may sell the commodity around 13400 with stop loss of 13530 and target 12700,” he added.

23 Apr 2013

MUMBAI(Commodity Online): On India's NCDEX, jeera for May delivery is looking negative and sell on rise is advised to the traders. The commodity is likely to have support at 12700 and resistance at 13530 levels, according to our analyst.

“The commodity is likely to have support at 12700 and resistance at 13530 levels,” said Milan Shah, Research Analyst at Commodity Online.

“Traders may sell the commodity around 13400 with stop loss of 13530 and target 12700,” he added.

The contract was trading on a negative note at Rs.13130, a fall of 0.06% as of 01.54 PM IST, Tuesday.

Better crop expectations this year could temper the rising rates of the commodity to some extent . But traders anticipate present rates are on the lower side and there are expectations of exports too picking up in coming weeks.

Higher production prospects are likely to keep pressure on market sentiments as good sowing reports from Gujarat and Rajasthan is good.

Medium to long term trend looks Bullish as exports are expected to pick up in coming months amidst lower production reports in Turkey and Syria. Indian production expected at 28-30 lakh bags translating to more than 1.5 lakh tons.


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