Rubber has support at Rs 11600-11540: Geojit
Natural rubber in the Indian market inched up on Tuesday. RSS4 in the physical market rose to Rs.118.00 a kg while on NMCE, the most active December rubber futures gained more than one per cent. Sentiments were firm tracking gains in the major overseas market. However, advances were probably limited as worries over demand weighed on.
On Wednesday, natural rubber in the overseas market is trading in red. On TOCOM, the commodity reversed initial advances and shed about 1.5 per cent. SHFE and AFET rubber futures declined too. While upbeat US GDP data have had improved the sentiments, decline in crude oil prices probably weighed on. RUBBER Dec NMCE While prices have breached the resistance of 11700, it is mandatory to sustain above to the same for a rise to 11860 followed by 11950/12050. Else, dips are likely. However, major selloffs may be witnessed only below 11400 ranges.
Resistances TURNAROUND LEVELS Supports
11860/11950 11860-11400 11600-11540
12050/12130 11400/11200
12250/12400 11100-11050
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