Jeera shed nearly 3 percent on profit booking after rising 10 percent in the last 10 sessions. Weak demand from overseas as well as expectations of higher output may add to the pressure. Overseas demand is weak but local demand is good at lower levels. Production is estimated higher this year. Spot rates in Unjha gained 50 rupees to end at 12,725 rupees per 100 kg. June contract dropped Rs 368 and settled at Rs 12710 a kg. The contract made intraday low of Rs 12640 a kg and high of Rs 13150 a kg. Support for jeera is at 12517 below that could see a test of 12323. Resistance is now seen at 13027 above that could see a resistance of 13343.

Trading Ideas:

Jeera trading range is 12323-13343.

Jeera shed nearly 3 percent on profit booking and weak demand

Support for the jeera is at 12580 and resistance is at 12840.

NCDEX accredited warehouses jeera stocks fell by 304 tonnes to 7040 tonnes.

SELL JEERA JUNE @ 12850 SL 12940 TGT 12790-12720-12650.NCDEX

In Unjha spot prices gained 50 rupees to end at 12,725 rupees per 100 kg