Agri Commodities

#1 Dhaniya Update: Outlook

Dhaniya (Oct) NCDEX closed negatively today at 5830 (-164). Dhaniya had a non stop run from 5182-6116. Today it has closed below short term moving averages and now it has a near term support of 50 day Moving average at 5743. But today we have seen huge volumes with increasing open interest at low prices. So we expect Dhaniya to see some profit booking upto 5539. In extreme panic we have a strong support at  5382 which could be taken as a buying opportunity. So our strategy for Dhaniya in near term is to Short with SL of 5995 CLOSING Basis.

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