Emkay has recommended to buy NCDEX Jeera October around Rs 10800-10750 with a stop loss of Rs 10650 for the target price of Rs 11100, in its research report dated September 29, 2014.
NCDEX Jeera October prices traded down on higher stocks and good crop prospects in Rabi season. However, good export demand due to lower global stocks had restricted the fall. Indian exports grew because of low stocks in global markets and political unrest in Syria and supply crunch from Turkey. All-India Jeera output was pegged at 456,000 tn in 2013-14 (Oct-Sep) as against 394,000 tn last year. Upcoming festive demand is likely to provide the underlying support to prices and attract the buyers at lower levels. For the week, Jeera looks to trade with positive bias on expected rise in domestic and export demand due to festive demand but ample carryover stock amid record high output of this season may limit any major gains.
Technical:
Oct Jeera prices are showing positive momentum from lower levels. Prices can test 11000/11150 levels on the upside if the buying momentum continues. Prices have support for the week between 10650-10600 zones.
Recommendation: Buy NCDEX Jeera October around Rs 10800-10750 with a stop loss of Rs 10650 for the target price of Rs 11100.
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