Jeera February contract dropped Rs 160 and settled at Rs 15360 a kg due to continued profit booking amidst steady spot activity. The prices showed some smart recovery on short covering but failed to sustain the gains as active selling at higher levels pressurized the prices. Good rains in the growing areas of AP and Karnataka raised possibilities of a better crop this year. rrivals have increased since the past two days and overall export demand is still weak. In India, jeera is cultivated during winter from October to December, and harvested in February-April. In Unjha, a key spot market in Gujarat, jeera dropped -2.2 rupees to end at 14829.6 rupees per 100 kg. The contract made intraday low of Rs 15185 a kg and high of Rs 15575 a kg. Support for jeera is at 15172 below that could see a test of 14983. Resistance is now seen at 15562 above that could see a resistance of 15763.

Trading Ideas:

Jeera trading range is 14963-15743.

Jeera dropped due to continued profit booking amidst steady spot activity.

Jeera is having resistance at 15562 and support at 15172 level.

NCDEX accredited warehouses jeera stocks fell 170 tonnes to 5643 tonnes.

SELL JEERA FEB @ 15300-380 SL ABV 15520 TGT 15180-15000-14865.NCDEX

 In Unjha, a key spot market in Gujarat, jeera dropped -2.2 rupees to end at 14829.6 rupees per 100 kg.