Commodity	:	Red Chillies
Exchange	:	NCDEX
Perspective	:	Very Short Term

NCDEX JULY CONTRACT





TECHNICALS:
From the chart, we could see that Chilli prices are moving range bound between 8100-8400 level which is also acting as a good support and resistance and breaching the levels either side will further give the price direction. Prices are below the short term EMAs which supports weakness. Market indicator MACD suggests decline in bearish sentiments. RSI suggests increase in bearish momentum in the markets. Overall the trend remains down. In coming week we expect prices to remain range bound within 8100-8400 levels.


OUTLOOK:
Participants may sell at resistances.


WEEKLY SUPPORT AND RESISTANCES (NCDEX):