NCDEX Dhaniya September Weekly: Cover Short Position

Report For Date: 28/08/2017

NCDEX Dhaniya (Price are in INR (Rs)/Quintal)

Cover short position at 4987 or below as the opportunity arises.

Expect 5077-5349 to be tested.

Lower range can be 4805-4533.

Downside momentum will continue on fall and close below 4492.

Cover short position till 4492 is not violated.

Contrarian buy situation has emerged as open interest increased with the rise and positive candle.

Gap up was seen and further rise with positive candle marks a swing bottom for near term pullback towards the DRV-5462.

Lower top of 5310 will be tested and breakout/close above 5310 will mark a double bottom for Dhaniya.

For the time being cover short position and take contrarian buy for 5310-5462 range to take profits.

TREND INFORMATION WITH WEEKLY LEVELS

*Trend will remain Down as long as last close is below the pink color DRV. Trend will be Up as long as Price is above DRV. Positional Traders can hold long position with DRV as the closing stop loss and close > DRV. Traders can hold short position with DRV as the closing stop loss and close < DRV.

PRICE, VOLUME AND OPEN INTEREST STRATEGY

TECHNICAL INDICATORS TABLE

Disclaimer: There is risk of loss in trading in derivatives and the report is not to be construed as investment advice. The information provided in this report is intended solely for informative purposes. The author, directors and other employees of CC Commodity Info Services cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above.