Cardamom Likely To Garner Further Buying Support

http://www.indian-commodity.com/commodities/cardamon/cardamom-likely-to-garner-further-buying-support.aspx

Cardamom futures are expected to gain further tracking the strong fundamentals and strong technical cues. Cardamom extended the gains for the second day on strong buying support at technically strong support levels. Cardamom futures consolidated at lower side after dropping from their high on strong arrivals from the last year crop. The strong buying at lower side amid reports of bad weather in the major growing areas supported the prices to recover from the low. The MCX Cardamom for the May delivery touched the 4% upper circuit at Rs 1,168.30 and the open interest added 3.03% to 10,950 tonnes, indicating fresh buying. 

Technically, the counter closed above the 10-day, 20-day and 50-day EMAs, indicating the trend is firm in short term. The 14-day RSI was trading above the average line with ending the last day at 51.33, indicating the counter is bullish. Technically, the counter is likely to find resistance at Rs 1,195.10, Rs 1,212.10 while support at Rs 1,153.10, Rs 1,137.10 per 10 kg.