JEERA FUTURES MAy TRADE ON MIXED TO POSITIVE NOTE

Jeera settled up by 0.27% at 14805 on reports of weak crop and quality concerns.
Technically market is under short covering as market has witnessed drop in open interest by -3.76% to settled at 17058 while prices up 40 rupee, now Jeera is getting support at 14630 and below same could see a test of 14450 level, and resistance is now likely to be seen at 14925, a move above could see prices testing 15040.
Jeera futures may trade on mixed to positive note, as there is good demand for exports. The retailers and stockists are also buying at current market prices on anticipation of lesser arrivals in coming month on anticipation of lower production. However, arrival pressure and profit booking may cap the price rise.
Jeera Apr. futures closed lower by 1.39 % in last trading session on profit booking by the market participants on arrival pressure. The traders and stockists were actively buying on enquiries for the exports. There are reports of crop damage of the new season crop due to unseasonal rains in Gujarat and Rajasthan.
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