Jeera ended positive supported by low-level buying on low stocks. Demand is sill poor and likely to weigh on prices in the short-term. Production in 2010 is seen rising to 2.9 million bags of 60 kg each from 2.7 million bags in 2009. Spot rates in Unjha, a key spot market in Gujarat, gained 64 rupees to end at 12044 rupees per 100 kg. May contract gained Rs 471 and settled at Rs 12242 a kg. The contract made intraday low of Rs 11776 a kg and high of Rs 12242 a kg. Support for jeera is at 11931 below that could see a test of 11621. Resistance is now seen at 12397 above that could see a resistance of 12553.

Trading Ideas:

Jeera trading range is 11621-12553.

Jeera ended positive supported by low-level buying on low stocks

Support for the jeera is at 12120 and resistance is at 12360.

NCDEX accredited warehouses jeera stocks fell by 1089 tonnes to 5806 tonnes.

In Unjha spot prices gained 64 rupees to end at 12044 rupees per 100 kg.

BUY JEERA MAY @ 12100-160 SL 12040 TGT 12212-12280-12360.NCDEX