Buy DHANIYA - Apr @ 7915, add up to 7820, for the Target of 8700, with SL @ 7425
Coriander Duration: 30 - 40 Days
Dhaniya has rebounded from its lowest point of 2023 and started showing signs of Bullish trend over the course of past few weeks. NCDEX Dhaniya April Contract has settled on a positive note at 7780 last week, up by +3.18%.
On Weekly chart, Dhaniya future has sustained over 50-EMA level which is placed at 7664 which is crucial support level Looking at Daily chart, we can observe a Symmetric Triangle formation and price is trading over all key averages ie. 50, 100 and 200-DMA level placed at 7665, 7562 and 7576 respectively. Breakout of Resistance line of Triangle will accelerate Bullish trend in Dhaniya price. Here, key resistance would be at 8168 and 8480 respectively.
The momentum indicator, RSI is trailing over 50-50 level on Daily as well as Weekly timeframe. On MACD, we can observe bullish crossover alongside emergence of positive divergence. These collectively suggests positive biasness in Dhaniya price.
Based on above technical parameters, we are expecting upside trend in coriander futures and traders may look for Long opportunity for the Coriander Target of 8700 for April expiry with the given Stoploss.
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