According to Emkay, one can sell NCDEX Dhaniya September Contract around Rs 12500-12550 and on rallies towards Rs 12800 for target of Rs 11100 and Rs 10800 with stop loss of Rs 13500 on daily closing basis.
NCDEX Dhaniya continuous chart (In the pdf) is showing completion of the rally near Rs.12550. Prices started its rally since June 2010 from Rs.2570. Fibonacci projection are showing that prices should complete its recent rally at Rs12550. Correction is expected from current levels or after a slight upside.
NCDEX Dhaniya September contract is showing negative diversion in daily chart. While prices have made almost same top near Rs.12600 in last 10 days but RSI is moving lower which is indicating that any immediate rally on higher side will not sustain and there will be profit taking at higher levels.
Both RSI and MACD are also showing negative diversion.
Prices are expected to correct till Rs.11100 and Rs.10800. Prices seem to have made immediate top near Rs.12600. Prices should not give a day close above Rs.13500 to maintain the corrective outlook.
Strategy – Sell NCDEX Dhaniya September Contract at CMP12500-12550 and on rallies towards 12800 for target of 11100 and 10800 with stop loss of 13500 on daily closing basis.
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