Jeera Likely To Extend Gains

On Wednesday, NCDEX Jeera futures benchmark January contract closed up 2.03% at Rs9973 per quintal, traded in the ranges of Rs10056-9760 per quintal. The open interest for the contract increased 1 % to 7332 contracts as against Tuesday, indicating fresh buying and the volume traded decreased to 4863 lots from 4908 lots as against Tuesday.

In the daily technical charts, NCDEX Jeera futures benchmark January contract closed above 9 day EMA of Rs9937.10 per quintal, indicating short term bullishness and below 50 day EMA of Rs10687.00 , indicating long term weakness.

NCDEX Jeera January closed above 9 day moving average of Rs9876.10 per quintal, supporting the intraday bullishness.

The MACD is the negative zone, supporting downward trend. The technical indicator 14 day RSI is at 40.58, indicating that the contract is neither in the over sold or over bought region.

Technically NCDEX Jeera January is having intraday resistances at Rs 10099 and Rs 10225 and supports at Rs 9803.3 and Rs 9633.6 per quintal respectively and Rs 9929.6 per quintal will be crucial price level.

Technically the overall trend is positive, so jeera futures are expected to extend the gains in today’s trading sessions also.