Jeera Likely To Extend Gains

On Thursday, NCDEX Jeera futures benchmark January contract closed up 1.34 % at Rs10110, traded in the ranges of Rs10218- Rs9990 per quintal. The open interest for the contract decreased 11.12 % to 4857 contracts as against Wednesday, indicating short covering and the volume traded increased to 8001 lots from 7068 lots as against Wednesday.

In the daily technical charts, NCDEX Jeera January contract closed above 9 day EMA of Rs9871.50 and far below 50 day EMA of Rs10367.00 per quintal, indicating short term bullishness and long term weakness. Jeera January closed above 9 day SMA of Rs9783.70 per quintal, supporting the intraday bullishness.

The MACD is in the negative zone but approaching the bullish zone, supporting the upward trend. The technical indicator 14 day RSI is at 51.20, indicating that the contract is neither in the over sold or over bought region.

Technically NCDEX Jeera January is having intraday resistances at Rs 10207 and Rs 10323 and supports at Rs9982.3 and Rs 9873.6 per quintal respectively and Rs10098 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 .