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Submitted by: Kiran Kumar Reddy
Wheat futures opened weak and traded bearish thereafter amidst strong selling pressure on the back of higher sowing and estimation of higher production. Prices hit 13 Day s low during the trading session but closed off the lows on short covering. Open interest as well as volume of trade slid, did not supported the present market trend. Candlestick chart shows weak market sentiment. Prices closed below 9, 18 & 27 Day s EMA, indicate weakness as medium term. MACD is moving down in the positive territory, hinting weakness in buying as medium term.14-Day RSI is favoring for bearish market while Fast Stochastic is favoring the bears and are remaining in the normal region.
Major Support on Lower Side at 1664-1654
Major Resistance on Upper Side at 1679-1687
Trend Deciding Level at 1671
Jeera Prices opened weak below yesterday close and slipped sharply but being unable to break the given support at 12180 and surged sharply and ended the day with the formation of filled candle with long lower shadow signifies positive trend in days to come. Now OI and Volume are decreasing signaling some profit booking at higher levels and this situation may lead sharp fall in prices in coming trading session. Prices are expected to face strong resistance at 20 and 50 day EMA. On the downside INR 12370 and 12180 might act as strong support zone and may prevent prices to go sharply beyond the given level. The 14 day RSI is trading neutral zone with downward bias and Stochastic (9,3,3) is also trading in a neutral zone along with downtrend. MACD is trading in negative zone signifies weakness in coming trading days. Thus prices may trade mix in the next session and with range bound movement however the bearish rally may continue in near term. Concisely prices may slip further and one may enter in short if prices gave some recovery
Major Support on Lower Side at 12370-12180
Major Resistance on Upper Side at 12740-12890
Trend Deciding Level at 12525
Turmeric Prices opened almost steady and surge up after its open. However, it fails to garner the buying momentum to keep the prices at higher levels. It declined later on but pared the losses by sharp jump during post noon period but it unable to breach its intraday resistance of INR 7080. Finally it closes with the formation of un-filled body candlestick with long lower shadow indicating sideways to positive trend. Combination of candle stick formation is signaling weakness to continue in short term if holds upside immediate resistance at Rs. 7080 only daily close above Rs. 7080 may provide strength to prices.
On the downside INR 6645 and 6420 might act as strong support zone. MACD is trading in positive zone signifies strength in coming trading weeks. The 14-day RSI and stochastic (9, 3, 3) is moving flat in neutral region indicating sideways trend likely to continue during coming couple of days. In short term, Prices are expected to slip further as there is no sign of strength is seen at these levels.
Major Support on Lower Side at 6645-6420
Major Resistance on Upper Side at 7080-7256
Trend Deciding Level at 6860
Cardamom Prices opened steady and witness lack luster trade with bullish bias during initial couple of trading hours. It unable to finds stiff resistance towards its resistance zone of INR 735 and declined afterwards during late trading hours. Finally it closes with the formation of filled candlestick with small upper and lower shadow indicating sideways trend for short term.INR 685 might act as a strong support and breaching the same might lead the prices to touch towards INR 665. In case of any jump could get stiff resistance towards INR 735 and likely to limit excessive gain. Closing above the same might start a new rally. Now OI and Volume are increasing signaling some short covering at lower levels. MACD is trading in neutral region with downward bias indicating sideways to weak trade in near term. The 14 day RSI and Stochastic (9,3,3) stay flat indicating sideways movement for short term. Price is likely to exhibit sideways trade and breaching of its crucial levels can further guide the market direction.
Major Support on Lower Side at 685-665
Major Resistance on Upper Side at 735-754
Trend Deciding Level at 707.70
Sugar Prices open almost steady and witness choppy trade during initial trading session and surge up marginally to mark the day s high at INR 2808. Finally prices close with the formation of long un-filled candlestick pattern hinting possibility for further firmness. Breaching of the key support of INR 2875 might extend its downfall towards INR 2745. Moreover, one can see aggressive selling towards its falling trend line resistance. The same can gives an opportunity to sell sugar at futures market. Prices already trading above 20 and 50 day EMA were signaling short term strength. Now OI are increasing signaling some short covering at lower levels and this situation may lead sharp rise in prices in coming trading session. The 14-day RSI is trading in neutral region with downward bias while stochastic (9, 3, 3) is continue to surge in neutral region indicating sideways movement. MACD is trading in negative zone signifies weakness in coming trading weeks. Prices are likely to trade sideways with positive bias during coming session.
Major Support on Lower Side at 2775-2745
Major Resistance on Upper Side at 2835-2865
Trend Deciding Level at 2806
Commodity Advisory Services
BUY GOLD MCX FEB ON DIPS NEAR 28800 SL 28750 TGT 28900-29000
BUY SUGAR NDEX JANUARY NEAR 2790 SL 2775 TGT 2820-2840
SELL WHAET NCDEX JANUARY BELOW 1675 SL 1681 TGT 1667-1665
SELL JEERA NCDEX MARCH AROUND 12630 SL 12740 TGT 12450-12300
SELL TURMERIC NDEX APRIL ON RISE NEAR 7080 SL 7256 TGT 6750-6600
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About the Author: Mr. Kiran Kumar Reddy, Technical Analyst and Founder of Charanwings Advisory Services providing trading advisory services in Equity, Derivatives and Commodity. He provides advisory services to large number of retail as well as Institutional Investors and traders and His advisory services giving back support to various broking houses and product support in Stock Futures, Commodity to Dalal Street Investment Journal since May 2012. He is also having good command in elliot wave theory his articles have also been published in various financial websites and he is also contributing daily news letter on equity market, which were published in Indian notes website. He also made a guest appearance in various workshops which were conducted on stock market awareness For More Details Visit us