India, Jan. 20 -- Technically Cotton market is under short covering as market has witnessed drop in open interest by 10. 06% to settled at 2995 while prices up 100 rupees.
Now MCX Cotton is getting support at 21060 and below same could see a test of 20990 levels and resistance is now likely to be seen at 21220 a move above could see prices testing 21310.
Cotton yesterday settled up by 0.48% at 21120 on short covering after pressure seen after Cotton Association of India increasing India cotton stock estimates. Cotton Association of India increased Indian cotton output estimates for 2020-21 season to 358.50 lakh bales (170 kg) against 356 lakh bales pegged previously.
Cotton farmers of Anantapur who suffered due to vagaries of nature earl...