Jeera Likely To Extend Gains

On Monday, NCDEX Jeera futures benchmark January contract closed up 0.82 % at Rs9807, traded in the ranges of Rs9865-9727 per quintal. The open interest for the contract decreased 3.09 % to 6111 contracts as against Saturday, indicating short covering and the volume traded increased to 4749 lots from 2718 lots as against Saturday.

In the daily technical charts, NCDEX Jeera January contract closed above 9 day EMA of Rs9743.30 and far below 50 day EMA of Rs10,389 per quintal, indicating short term bullishness and long term weakness. Jeera January closed above 9 day SMA of Rs9721.90 per quintal, supporting the intraday bullishness.

The MACD is in the negative zone supporting downward trend. The technical indicator 14 day RSI is at 42.70, indicating that the contract is neither in the over sold or over bought region.

Technically NCDEX Jeera January is having intraday resistances at Rs 9872.3 and Rs 9937.6 and supports at Rs 9734.3 and Rs 9661.6 per quintal respectively and Rs 9799.6 per quintal will be crucial price level.

Technically the overall trend is positive so Jeera futures are expected trade with gains in today’s trading sessions .