Chilli drops on profit selling

The Chilli futures showed negative trend on profit selling on higher levels on Monday. From starting of the session prices traded down. Increased arrivals at spot market that to of inferior quality pulled down the prices and futures ended the day with fall of more then 2%.
Outlook
Chilli June futures are projected to open on flat note on Tuesday. However, prices are expected to resume up-trend on lower levels buying. Good buying from stokiest amid decline in arrivals at spot market is likely to sup-port the prices.
Arrivals at spot market of Guntur were reported around 50,000-60,000 bags today (Each bag= 40Kg.).
Spot market of Guntur will be closed from May, 20th for a month due to rise in mercury levels.
As per news sources, export demand from Bangladesh, Malaysia is good which is supporting the prices. As per market sources, fresh crop arrivals are likely to remain till early May.
According to derivative analysis, prices and volumes have shown a negative move while open interest is rising. It is a good indication that a sharp rally against downtrend will develop creating a sell point for downtrend.
Courtesy: Karvy Commtrade Ltd.

(Source: http://www.commodityonline.com/futures-trading/technical/Chilli-drops-on-profit-selling-23388.html)