Monday 26 September 2016

Resistance seen at 17368 for NCDEX Jeera

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Jeera on NCDEX settled down -1.01% at 17145 due to limited demand from exporters. However downside seen limited following poor supplies due to fag-end of the season. Reports of lower output in other producing countries, Turkey and Syria will help the Indian exporters to clinch more export deals. Expectations of good demand for the coming festive season may also support the upward price trend. In 2016- 17, the output of jeera is seen falling in other major producers Syria and Turkey to 10,000 ton and 12,000 ton respectively from 15,000 ton and 17,000 ton in 2015-16.

As per market source, India is likely to export 40,000-45,000 ton more jeera in coming months. As per fourth advance estimate of Gujarat State for 2015-16, jeera production is pegged at 238,000 ton as against 197,000 ton a year ago. However, it is much lower than 2013-14 output when the state produced 346,000 ton jeera. At Dhrol market in Jamnagar(Guj.), arrivals were reported at 11 quintals, down by 5 quintals from previous trading day.

At New Delhi market arrivals were reported at 2000 quintals, steady as against previous day’s arrival. At Nagaur(Raj.) market in Nagaur total arrivals are at 250 quintals, down by 150 quintals as compared to previous day. At Unjha market in Mehsana arrivals were reported at 1200 quintals, up by 700 quintals from previous trading day. Technically market is under long liquidation as market has witnessed drop in open interest by -2.93% to settled at 14019 while prices down -175 rupee, now Jeera is getting support at 16993 and below same could see a test of 16842 level, and resistance is now likely to be seen at 17368, a move above could see prices testing 17592.

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