On a daily chart, NCDEX RM Seed price has failed to trade upward and pull down after taking a resistance of the above trend. Moreover, price has traded below its 200 daily EMA in the above chart, which indicates medium - term trend remains down. Furthermore, a momentum indicator MACD is in Sell mode on the daily chart which suggests further weakness in the prices.

For medium term perspective, one can initiate a short position in NCDEX RM Seed (Nov) at Rs.3830& up to Rs.3900 levels, can be used as selling opportunity for the target of Rs.3350. However, a reversal in the bearish view can be seen if RM Seed prices break the above resistance of Rs.4110. Overall, we hold our bearish view in RM Seed for one to two months.

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