Buy Refined Soyoil on dips; sell Chilli on pullback: Geojit

Written By Unknown on Selasa, 09 April 2013 | 16.02

Geojit Comtrade has come out with its report on agricultural commodities. The research firm has recommended to buy Dhaniya, Refined Soyoil on dip and sell Chilli on pullback in its report dated April 09, 2013.

Dhaniya May NCDEX: Dhaniya prices skyrocketed yesterday from a low of 7273 and finally closed the day at 7562. As prices broke the triangular continuation pattern sustained trades above 7290 with sufficient volume could encourage bulls and push prices higher towards 7800/8215 levels. On the other side, if prices smashed the support of 7260 could see long liquidation pressure towards 7200/7053 levels.

Refined Soy oil May NCDEX: If prices are able to overthrow the resistance at 712, anticipate upside moves to 715/718 levels.

Chilli Jul NCDEX: Current selling pressure might continue towards 6445 levels.

Pepper May NCDEX: Prices slipped lower from 35735 and later closed the day at 35550. As the daily RSI indicator is showing negative divergence in the counter, expect a lower price correction towards 35200 followed by 34800/34500 levels. On the higher side, any trades above 36000 could negate such bearish expectations and start the next leg of bullish rally towards 36300/36500 levels.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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