Chilli tumbles on short selling

The Chilli futures traded on negative note on selling at higher levels on Monday. Prices started the day on positive note on follow through buying.
However, active selling on gains pull down the prices and futures witnessed heavy fall giving negative closing.
Outlook
The Chilli April futures are projected to continue the bearish trend on profit selling. However, fresh buying at lower levels is expected to support the prices at lower levels which might limit the gains.
Spot market of Guntur will resume its activity from April 6th onwards.
As per news sources, export demand from Bangladesh, Malaysia is good which is supporting the prices. According to traders, around 40 lakh bags have arrived till now and further 30-40 lakh bags might come till May.
They are expecting arrivals might remain till early May after that market will be closed for 1 month.
According to derivative analysis, prices and open interest have declined while volumes have risen substantially. It indicates market is vulnerable to a sharp correction but likely that that correction will be bought creating a buy point for uptrend.

(Source: http://www.commodityonline.com/futures-trading/technical/Chilli-tumbles-on-short-selling-23010.html)