Monday, 27 May 2013

MTECHTIPS;-NCDEX Coriander, Castor Seed bearish; support 6500, 3150

MTECHTIPS;-NCDEX Coriander, Castor Seed bearish; support 6500, 3150
Coriander futures for June delivery on India's National Commodity and Derivatives Exchange (NCDEX) is bearish and sell on rise is advised to the traders.“Support for the commodity is seen at 6500 while 6950 is the resistance. Traders may sell around 6780 with the stop loss of 6950 for the target of 6500,” said Milan Shah, Research Analyst at Commodity Online. NCDEX coriander for June delivery was seen trading down by 1.34% at Rs.6691 per 100 kgs as of 11.30 AM IST on Monday.Last week, coriander futures closed negative tracking weak trend in major spot markets. Higher arrivals amid subdued demand weighed on the market sentiments. However, the prices are expected to remain under pressure due to a sharp rise in daily arrivals .NCDEX castor seed for June delivery looks bearish and traders may sell on rise.“Support for the commodity is seen at 3150 while 3310 is the resistance. Traders may sell around 3260 with the stop loss of 3310 for the target of 3150,” noted Milan. NCDEX castor seed for June delivery was down by 1.13% at Rs.3227 per 100 kgs as of 11.30 AM IST on Monday.
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