Daily Newsletter Newsletter-Agri Agri Commodity 21/04/2011
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MARKET WRAP Turmeric tumbles on profit booking Jeera slumps on higher arrivals Pepper ends higher on supply crunch Soya bean, soy oil rise on global market Chana futures extend gains Guar ends flat Mentha drops on subdued demand Cardamom rises on weak arrivals
Turmeric prices in the intraday will trade firm due to improved buying by the market participants. Stockiest at the market are not willing to offload their stocks at lower levels. Rising arrivals of Jeera at spot market amid peak arrivals season are keeping the prices under pressure. Export demand from gulf countries is also very poor which might weigh on sentiments. Overall trend of Pepper is bullish due to limited stocks and good demand at domestic and export front. Soybean prices are expected to trade lower on account or higher production estimates of Brazil coupled with favorable weather for harvest in Argentina. The monsoon reports might cause concerns about the increase in acreage under guar seed which affect the sentiments in the markets. The absence of any fresh export demand and the continued arrivals is exerting pressure on the prices. Chana prices in the intraday are expected to decline on account of increase in fresh arrivals in the market particularly from Rajasthan. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (MAY) Trend Strategy Resistance
• Consolidate • Sell on highs • R2 - 1110 • R1 - 1090 • S1 - 1060 • S2 - 1030
Support
GUARGUM (MAY) Trend
• Consolidate • Sell on highs
Strategy
CHANA (MAY MAY) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 2395 • R1 - 2365
Support
• S1 - 2290 • S2 - 2260
GUARSEED (MAY MAY) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 8800 • R1 - 8600
Resistance
• R2 - 3030 • R1 - 3000
Support
• S1 - 8350 • S2 - 8250
Support
• S1 - 2925 • S2 - 2890
JEERA (MAY) Trend Strategy
• Bearish • Sell on highs
MENTHA OIL (APR APR) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 15600 • R1 - 15300
Resistance
• R2 - 1080 • R1 - 1060
Support
• S1 - 14900 • S2 - 14600
Support
• S1 - 1040 • S2 - 1020
PEPPER (MAY) Trend Strategy
• Consolidate • Buy on dips
REFINED SOY OIL (MAY MAY) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 27000 • R1 - 26700
Resistance
• R2 - 635 • R1 - 630
Support
• S1 - 26100 • S2 - 25800
Support
• S1 - 615 • S2 - 610
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SOYABEAN (MAY)) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (MAY MAY) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 2475 • R1 - 2455
Resistance
• R2 - 9100 • R1 - 8950
Support
• S1 - 2420 • S2 - 2390
Support
• S1 - 8650 • S2 - 8500
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