Daily Newsletter Newsletter-Agri Agri Commodity 25/06/2011
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MARKET WRAP Chana edges higher on rising demand Jeera gains on short covering Pepper down 4% on weak export Oilseeds, soy oil extend losses on weak palm oil Guar slips on poor spot market demand Turmeric rises on fresh buying Mentha oil up on short covering
Turmeric futures are expected to trade on slightly positive because of drastic fall in prices growers are becoming reluctant in further selling of their produce. Jeera futures are expected to continue the bearish trend on poor domestic demand. Lack of active buying at spot market is likely to pull down the prices. The concerns regarding the chances of shift in acreage from Guar seed to castor seed might support the bulls. However, the progress of monsoon has been good so far and is likely to progress in time towards the north-western region of India. This impact of monsoon might limit the gains. As of now monsoon prospects are favorable for guar sowing in Pakistan which might affect the Indian market sentiments. Refined soy oil is likely to extend the losses in the week ahead. The major reason for the fall is the higher stocks of the palm oil which is around 2 million tons. Cardamom futures are projected to continue the positive trend. Fresh buying at lower level is likely to support the prices. However, prices might take decent correction initially on profit selling on higher levels. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (JULY) Trend Strategy Resistance
• Consolidate • Buy on dips • R2 - 900 • R1 - 885 • S1 - 855 • S2 - 840
Support
GUARGUM (JULY) Trend
• Bullish • Buy on dips
Strategy
CHANA (JULY JULY) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 2775 • R1 - 2745
Support
• S1 - 2680 • S2 - 2660
GUARSEED (JULY JULY) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 11110 • R1 - 11020
Resistance
• R2 - 3600 • R1 - 3490
Support
• S1 - 10650 • S2 - 10500
Support
• S1 - 3440 • S2 - 3400
JEERA (JULY) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (JULY JULY) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 14250 • R1 - 14050
Resistance
• R2 - 905 • R1 - 890
Support
• S1 - 13650 • S2 - 13350
Support
• S1 - 860 • S2 - 845
PEPPER (JULY) Trend Strategy
• Bearish • Sell on high
REFINED SOY OIL (JU JULY) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 29200 • R1 - 28600
Resistance
• R2 - 645 • R1 - 640
Support
• S1 - 27500 • S2 - 27000
Support
• S1 - 630 • S2 - 625
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SOYABEAN (JULY)) Trend Strategy
• Consolidate • Sell on high
TURMERIC (JULY JULY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 2380 • R1 - 2355
Resistance
• R2 - 7920 • R1 - 7770
Support
• S1 - 2250 • S2 - 2225
Support
• S1 - 7500 • S2 - 7350
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