NCDEX Jeera March contract rose by 2.28 per cent to 14555. Jeera March contract is likely to trade side ways for both short term and intra day.
“Short term support seen at 13800 and resistance at 15100. Intra day support is seen at 14350 and resistance at 14580 ,”
Trend remained firm for Jeera even as it traded with high volatility. With exports rising and arrivals of the new crop slowing down, overall trend is expected to remain firm for the commodity. Arrivals of new crop however is preventing strong 1-sided upside movement for the commodity rates. Lower sowing area and good export demand are however likely to keep long term sentiments Bullish.
The exports have already shot up 40% during the 1st half of the quarter. It is expected to remain high in coming months too – which could create a Bullish sentiment in the long term for the commodity. Finally a fall in area as reported amidst adverse weather conditions in growing areas could help keep market sentiments firm in the medium term.
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