Sell Jeera, CPO on pullback, Jeera below Rs 4475

Jeera prices pulled down yesterday from the high of 15215 and later closed at 14840. Sentiments are primarily looking weak as prices broke the support of 15060 and expect to see downside moves towards 14800 followed by 14630/14500 levels. Moreover, though daily RSI (14) has emerged from the oversold zone, it could not able to sustain the momentum, suggesting weakness in the immediate run. However, mild pullbacks cannot be ruled out before commencing the downside correction. Hence, we recommend sell on pullbacks for the day. 

Jeera futures traded lower due to reports of sluggish demand in major spot markets. Good rains received in Gujarat

for the last couple of week have increased the moisture content of the soil and that may lead to better sowing in the coming rabi season.

However, the domestic and overseas demands which are likely to gather pace in coming days may limit sharp fall in prices. As well, export demand is expected to emerge on reports of supply concerns in the international market. Jeera stocks in the NCDEX accredited warehouse declined to 15885 tonnes as on 04 th Aug from 17043 tonnes reported same period week ago. 
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