Technical Outlook & Trading Strategy:-
We reiterate our bearish bias on the price of RM seed. As mentioned in our previous commodity note, the price of RM seed has now broken below its Ascending trendline support on a closing basis. Moreover, the bearish
development on the price is also supported by the sell signals given by the momentum indicators.
We recommend traders to sell between Rs 2895--Rs 2881 levels with a stoploss placed above Rs 2923 levels for downside targets of Rs 2850 / Rs 2830 levels, expected to be achieved over the upcoming 2-3 sessions of trade.
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