Jeera Likely To Extend Loss

On Thursday, NCDEX Jeera futures benchmark January contract closed with loss of 1.09% at Rs9561 per quintal, traded in the ranges of Rs9698-9480 per quintal. The open interest for the contract decreased 0.44% to 6819 contracts as against Wednesday, indicating long positions liquidations and the volume traded decreased to 4308 lots from4536 lots as against Wednesday.

In the daily technical charts, NCDEX Jeera futures benchmark January contract closed below 9 day EMA of Rs9750.80 and far below 50 day EMA of Rs10470.00 per quintal, indicating weakness both in short term and long term. Jeera January closed below 9 day SMA of Rs9782.10 per quintal, supporting the intraday weakness.


The MACD is in the negative zone supporting downward trend. The technical indicator 14 day RSI is at 32.49, indicating that the contract is neither in the over sold or over bought region.

Technically NCDEX Jeera January is having intraday resistances at Rs 9679.3 and Rs 9797.6 and supports at Rs 9461.3 and Rs 9361.6 per quintal respectively and Rs 9579.6 per quintal will be crucial price level.

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