MTECHTIPS;-NCDEX Coriander bearish; support 6570 and 6500

MTECHTIPS;-NCDEX Coriander bearish; support 6570 and 6500

Coriander futures for June delivery on India's National Commodity and Derivatives Exchange (NCDEX) looks bearish and intra-day traders may short at higher levels.“On the lower side support for the commodity is seen at 6570 and 6500 levels,” said Tarang Parmar, Research Analyst at Commodity Online.“Resistance for the futures is seen at 6730, if the commodity breaks and sustains above the same then prices may touch 6810 level,” noted TaranNCDEX coriander for June delivery was seen trading down by 1.01% at Rs.6648 per 100 kgs as of 11.39 AM IST on Wednesday.Coriander futures closed negative on Tuesday tracking weak trend in major spot markets. High arrivals amid subdued off-take weighed on buying sentiments. Also, the commodity prices are expected to remain under pressure due to a sharp rise in daily arrivals.On Tuesday, the total coriander arrivals at major wholesale markets in Rajasthan declined to 17000 bags (1bag=40kg) from 22000 bags reported on Monday. Spot prices in Kota traded at Rs 6500 per 100kgs.
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