Jeera hit new contract lows on fresh arrivals, slack overseas demand and hopes of higher output. Prices are likely to fall further. Arrivals may improve further once market reopens after a long break. The key Unjha spot market is shut till March 31st on account of financial year ending. April contract dropped Rs 178 and settled at Rs 11199 a kg. The contract made intraday low of Rs 11176 a kg and high of Rs 11499 a kg. Support for jeera is at 11084 below that could see a test of 10968. Resistance is now seen at 11407 above that could see a resistance of 11614.

Trading Ideas:

Jeera trading range is 10968-11614.

Jeera hit new contract lows on fresh arrivals and slack overseas demand

Jeera looks to take support at 11080 and resistance at 11320 level

NCDEX accredited warehouses jeera stocks rose by 400 11310 to 6879 tonnes.

Spread between Jeera APR & MAY contracts traded in the range of 272 to 290.

SELL JEERA APR ON JUMP @ 11300-340 SL 11430 TGT 11240-11160-11080.NCDEX