Sugar Ncdex January prices opened steady at INR 2786 and slipped sharply but being unable to sustain at lower levels and surged marginally during last couple of hours and ended the day with the formation of un-filled candle signifies positive trend in days to come. Now OI and Volume are increasing signaling some short covering at lower levels and this situation may sharp rise in prices in coming trading session. There is fair chances for the prices to cool down to fill the broad gap in the daily set up which might keep the prices at lower levels for short term. However, any major decline is likely to find support towards INR 2772/2745 from where short term technical bounce is possible. MACD is trading in the negative zone supporting the southward direction in coming days. The 14 day RSI is trading in neutral region with downward bias while Stochastic (9,3,3) stay flat hinting sideways movement is likely to continue. Above points are indicating some profit booking at higher levels

Major Resistance on Upside at 2835-2865

Major Support on Downside at 2772-2745

Trend Deciding Level at 2792

Cardamom Ncdex January Market featured volatile trade on Monday trading session with two ways trading oscillating towards its open. It open steady and declined after its open and stay sideways till mid day trading session when it marked the day’s low towards INR 687. Prices found support towards INR 685 and fetch high during later trading hours. Finally it closes with the formation un-filled candlestick indicating positive for coming couple of trading session. Any near term jump might find stiff resistance towards its key resistance near INR 685/665 and likely to find support towards INR 735/754. 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 stay flat while Stochastic (9,3,3) is moving up which might keep the prices to stay sideways for short term. Concisely price is likely to stay range bound during coming couple of trading sessions

Major Resistance on Upside at 735-754

Major Support on Downside at 685-665

Trend Deciding Level at 703.50

Turmeric Ncdex April Prices opened steady and moved range bound during the day as it witness marked selling pressure during mid day of trading followed by marginal recovery during later trading days. Finally prices close with the formation of doji candle which indicates reversal trend incoming trading session. OI improves sharply while Volume decline during the day indicating possible building of long position at lower quotes. However clear indication is lacking to guide the market direction. Breaching of the key support of INR 6645 might extend its downfall towards INR 6420. MACD is trading in positive zone signifies strength in coming trading weeks. The 14-day RSI is trading in neutral region with upward bias while stochastic (9, 3, 3) is continue to surge in neutral region indicating sideways movement. Prices are likely to trade sideways with weak bias during coming weeks

Major Resistance on Upside at 7080-7256

Major Support on Downside at 6645-6420

Trend Deciding Level at 6852

Jeera Prices opened slightly strong and surged sharply during early trading session but being unable to sustain at higher level and slipped sharply till mid day trading session. It marked the days low at INR 12465 but unable to sustain at lower levels and surged marginally during last trading hours. Prices closed with the formation of bearish candle indicating little weakness during coming couple of trading session. Now OI are increasing signaling some short covering at lower levels and this situation may lead sharp rise in prices in coming trading session. 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 prices ended below the EMAs and thus indicating the possibility of further down trend in prices. The 14 day RSI is in neutral zone sloping downward and Stochastic (9,3,3) also continued to trade in neutral zone with downward bias. Concisely prices are expected to show some profit booking in coming trading session.

Major Resistance on Upside at 12740-12890

Major Support on Downside at 12370-12180

Trend Deciding Level at 12555

Commodity Intraday Tips

SELL TURMRIC NEAR 7080 SL 7260 TGT 6750-6600

SELL JEERA AROUND 12630 SL 12750 TGT 12450-12300

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 Article Source: http://www.charanwings.com/blog/post/Sugar-is-Annoying-to-Seal-Broad-Gap

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 Article Source: http://www.charanwings.com/blog/post/Sugar-is-Annoying-to-Seal-Broad-Gap

Author Bio: 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 Article Source: http://www.charanwings.com/blog/post/Sugar-is-Annoying-to-Seal-Broad-Gap

Category: Finances
Keywords: Commodity,Commodity Tips,Commodity Intraday Tips,Commodity Trading,Commodity Advisory Services