Cardamom corrects on profit booking

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Cardamom futures trading at MCX opened at Rs.1348.50 per kg and traded negative since then on profit booking. Cardamom futures are expected to trade lower till Rs.1270 per kg by end on current contract. Cardamom futures have started its upside movement by mid Oct from around Rs.1140 per kg and traded higher by almost Rs.1444 per kg by first weekend of November.

Participants locking their profits and hence some short selling is also expected till Rs.1280 per kg. participants are expecting prices to trade lower amid end of festival season as well. Immediate support and resistance for the commodity stood at Rs.1305 per kg and Rs.1388 per kg levels.

Cardamom futures prices traded sideways to negative since opening and trading at Rs.1335 per kg down by 1.29 currently. Open interest for the commodity stood at 664 lots.

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