Sell Turmeric below Rs 5600: Geojit Comtrade

Geojit Comtrade has come out with its report on agricultural commodities. The research firm has recommended to sell Maize below Rs 1375, Turmeric below Rs 5600 and buy Mentha oil above Rs 962 in its report dated June 04, 2013. Geojit Comtrade's report on agricultural commodities Turmeric June NCDEX: 5600 is the key support, which if breaks could call for selloff immediately to 5450 levels. Or else expects short covering rallies. Maize June NCDEX: If prices broke the support of 1375 could enable long liquidations towards 1350/1320 levels in the near term. Ncdex Technical Analysis Software Ncdex Charting Software

Mentha oil June MCX: After reversing its previous day’s losses prices skyrocketed and finally closed at 959 levels. If prices break the descending trend line resistance of 962 with streaming volume, could see prices to trade higher towards 975 followed by 980/990 levels for the day. Daily RSI (14) seems more supportive for the bullish view. On the other side, any break below 950 could minimize bullish steam in the short run. Cardamom June MCX prices witnessed a higher level liquidation and settled the day at 706.90. As prices trading below the strong support of 718, expect to continue the selling pressure towards 700 followed by 680 levels during the day. However, if unable to break below 700 would see bounce back towards 730 regions. Strong upside rallies would be visible only on a close above 750.

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Source : .Money Control