Jeera March contract gained Rs 245 and settled at Rs 17370 a kg on fears rains may hit output, while depleting stocks also prompted buying, offsetting a rise in fresh supply. Output is likely to come down this year because of untimely rains. Traders estimated the carry-forward stocks this season at around 5-7 lakh bags against 12-15 lakh bags last year. Jeera is cultivated mainly in Gujarat and Rajasthan during winter from October to December, and harvested in February-April. In Unjha, a key spot market in Gujarat, jeera gained 198.6 rupees to end at 16727.15 rupees per 100 kg. The contract made intraday low of Rs 17200 a kg and high of Rs 17419 a kg. Support for jeera is at 17240 below that could see a test of 17111. Resistance is now seen at 17459 above that could see a resistance of 17549.

Trading Ideas:

Jeera trading range is 17117-17555.

Jeera gained on fears rains may hit output while depleting stocks also prompted buying

Jeera is having resistance at 17500 and support at 17200 level.

NCDEX accredited warehouses jeera stocks rose 159 tonnes to 9568 tonnes.

In Unjha, a key spot market in Gujarat, jeera gained 198.6 rupees to end at 16727.15 rupees per 100 kg.