Pepper Likely To Extend Gains

On Friday, NCDEX Pepper futures benchmark February contract closed up 2.32 % at Rs13577, traded in the ranges of Rs13648- Rs13270 per quintal. The open interest for the contract increased 16.59 % to 7744 contracts as against Thursday, indicating fresh buying and the volume traded increased to 5922 lots from 3092 lots as against Thursday.

In the daily technical charts, NCDEX Pepper February contract closed above 9 day EMA of Rs13356 and far below 50 day EMA of Rs13837 per quintal, indicating short term bullishness and long term weakness. Pepper February closed above 9 day SMA of Rs13232 per quintal, supporting the intraday bullishness.

The MACD is in the negative zone but approaching the positive zone supporting upward trend. The technical indicator 14 day RSI is at 50.74, indicating that the contract is neither in the over sold or over bought region.

Technically NCDEX Pepper February is having intraday resistances at Rs 13726 and Rs 13876. and supports at Rs13348 and Rs 13120 per quintal respectively and Rs 13498 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 .