Technical Outlook & Trading Strategy:-
The price of pepper witnessed a strong rally once it registered a breakout above its previous life high of Rs 30999 levels during the previous month. But, the price has been facing resistance between the Rs 33500—Rs 33700 zone over the past few sessions of trade.
The short term momentum indicators are showing signs of weakness indicating that the prices are likely to correct over the upcoming few sessions of trade.
We recommend traders to sell between Rs 33225--Rs 33075 levels with a stoploss placed above Rs 33637 levels for downside targets of Rs 32700 / Rs 32575 levels, expected to be achieved over the upcoming 2-3 sessions of trade.
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