Technical Outlook & Trading Strategy:-
The price of Jeera witnessed a smart rally from the lows of Rs 14780 levels as on 16th Sep, 2011 to register a high of Rs 16094 levels as on 21st Sep, 2011.
But, the key observation to be made is that the fall witnessed during the previous sessions of trade has led to the formation of a two bar bearish reversal pattern on the daily charts.
This can lead to some kind of correction in the price of Jeera which could see it testing its moving average clusters.
We recommend Day / Positional traders to take short positions between Rs 15740--Rs 15800 levels with a stop loss placed above Rs 15927 levels for immediate downside targets of Rs 15600 / Rs 15495 levels.
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