Rubber has resistance at Rs 11700/11860: Geojit
Mixed trend was witnessed in natural rubber market last week. In the major overseas market, up ticks were witnessed while in the local market the commodity remained in the vicinity of the five year low. RSS4 was hovering near Rs.177.50 a kg while on NMCE, the commodity was held in tight ranges after bouncing off from the recent lows. Even as worries over demand and burgeoning imports weighed on, rebound in the overseas market and decline in local production probably arrested further plunges. In the meantime, in the international market on Monday, natural rubber is trading in green. SHFE and AFET rubber futures ticked up while the trendsetting TOCOM exchange stayed closed for Labour Thanksgiving Day holiday. Sentiments are likely to be on the positive side as People’s Bank of China had slashed interest rates last Friday. RUBBER Dec NMCE Range bound moves inside 11400-11700 is in progress and requires a break out from the either the sides for further directional moves.
Resistances TURNAROUND LEVELS Supports
11700/11860 11700-11400 11540/11400
11950/12050 11200/11100
12130/12250 11050/10950
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