Pepper Likely To Extend Gains

On Saturday, NCDEX Pepper futures benchmark January contract closed up 0.86 % at Rs13119 per quintal, traded in the ranges of Rs13231-12990 per quintal. The open interest for the contract increased 2.08 % to 9944 contracts as against Friday, indicating fresh buying and the volume traded decreased to 6710 lots from 9472 lots as against Friday.

In the daily technical charts, NCDEX Pepper futures benchmark January contract closed above 9 day EMA of Rs13103 and far below 50 day EMA of Rs13743.00 per quintal, indicating short term bullishness and long term weakness. Pepper January closed above 9 day SMA of Rs13058.00 per quintal, supporting the intraday bullishness.

The MACD is in the negative zone supporting downward trend. The technical indicator 14 day RSI is at 42.80, indicating that the contract is neither in the over sold or over bought region.

Technically NCDEX Pepper January is having intraday resistances at Rs 13236 and Rs 13354 and supports at Rs 12995 and Rs 12872 per quintal respectively and Rs 13113 per quintal will be crucial price level.

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