Pepper ended lower on profit-taking. In the international market price for MG-1 Asta grade fell by $100 per tonnes. However, it's a good indication as low-levels may again attract export demand. Spot pepper dropped 152 rupees to end at 14,770 rupees per 100 kg in Kochi. April delivery dropped Rs 431 and settled at Rs 14609/quintal. The contract touched the intra day high of Rs 15175/quintal while low of Rs 14560/quintal. Now support for the pepper is seen at 14388 and below could see a test of 14166. Resistance is now likely to be seen at 15003, a move above could see prices testing 15396.

Trading Ideas:

Pepper trading range is 14166-15396.

Pepper ended down nearly 3% on continued profit taking

Resistance for pepper is seen at 14720 and support is at 14480.

Yesterday we have seen that open interest fell by 908 and volume rose by 4151 lots

Spot pepper prices dropped 152 rupees to end at 14,770 rupees per 100 kg

SELL PEPPER APR @ 14850-900 SL 15000 TGT 14780-14700-14620. NCDEX