Pepper extended losses on profit taking of earlier gains Saturday. There is good demand for pepper in the spot market. Farmers are not willing sell the crop; they are expecting some more increase in the price of pepper. Spot pepper on Saturday settled at 14,607.95 rupees per 100 kg in Kochi. April delivery dropped Rs 96 and settled at Rs 15040/quintal. The contract touched the intra day high of Rs 15324/quintal while low of Rs 14932/quintal. Now support for the pepper is seen at 14873 and below could see a test of 14707. Resistance is now likely to be seen at 15265, a move above could see prices testing 15491.

Trading Ideas:

Pepper trading range is 14707-15491.

Pepper extended losses on profit taking of earlier gains Saturday

Resistance for pepper is seen at 14920 and support is at 15160.

Yesterday we have seen that open interest rose by 19 and volume fell by 7233 lots.

Spot pepper prices on Saturday settled at 14,607.95 rupees per 100 kg

BUY PEPPER APR @ 15110 SL 15000 TGT 15160-15215-15270. NCDEX