Jeera Likely Extend Loss

On Tuesday, NCDEX Jeera futures benchmark January contract closed lower 1.75% at Rs9631 per quintal, traded in the ranges of Rs9850-9592 per quintal. The open interest for the contract decreased 0.82 % to 7275 contracts as against Monday, indicating long position liquidation’s and the volume traded increased to 6087 lots from 4989 lots as against Monday.


In the daily technical charts, NCDEX Jeera futures benchmark January contract closed below 9 day EMA of Rs9835.40 and far below 50 day EMA of Rs10547 per quintal, indicating short term and long term weakness.


NCDEX Jeera January closed below 9 day moving average of Rs9810.90 per quintal, supporting the intraday weakness.

The MACD is in the negative zone supporting downward trend. The technical indicator 14 day RSI is at 34.12, indicating that the contract is neither in the over sold or over bought region.

Technically NCDEX Jeera January is having intraday resistances at Rs 9790 and Rs 9949 and supports at Rs 9532 and Rs 9433 per quintal respectively and Rs 9691 per quintal will be crucial price level.

Technically the overall trend is negative Jeera futures are expected trade with loss in today’s trading sessions .