Geojit Comtrade has come out with its report on agricultural commodities. The research firm has recommended to buy Castor seed, CPO on dip and sell Cocudakl below 1352, in its report dated November 03, 2014.
Jeera Nov NCDEX
Jeera prices fell sharply from the high of 11520 and later closed the day at 11260. As prices are able to hold the trend line support of 11200, expect to continue pullbacks to 11300 followed by 11450 and then to 11520 levels. Any rise above 11550 could prolong its buying tendency. Though, daily RSI (14) is placed at oversold situation, potential buying cannot be ruled out in the near term. However, a break below 11200 could extend long liquidations to 11000 levels and for the day we recommend cautious buying with a strict stop loss below 10800 levels.
Cocudakl Dec NCDEX
Coudakl prices tumbled from 1385 and finally closed the day at 1355. As prices are unable to trade above 1200, sentiments gradually turned negative and any break below 1352 could see deep correction towards 1340 followed by 1328 and then to 1300 levels. Moreover, stochastic indicator is also supportive for the negative moves. On the other side, inability to break the support could see choppy trading session for the day. Hence, we recommend to go short on pullbacks to 1370-76 regions or a break below 1352 levels.
Castor seed Nov NCDEX
Prices are being held above the trend line support of 4745, suggesting the current buying momentum could see towards 4835 followed by 4870/4910 levels.
CPO Nov MCX/NCDEX
As prices are able to stay above 45 day EMA resistance at 454, expect pullbacks to 460/465 levels.
Strategies:
Buy Castor seed above 4835
Sell Cocudakl below 1352
Buy CPO on dip
For all commodities report, click here
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.
To read the full report click here
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