Daily Newsletter Newsletter-Agri Agri Commodity 26/04/2011
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MARKET WRAP Turmeric down on arrivals Jeera gains on short covering Pepper rises on supply concerns Soya bean, soy oil drops on adequate supply Chana hits contract low on profit booking Guar futures fall over 1% Mentha oil rises on supply crunch Cardamom slumps on fresh 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. Fear of higher import of oil in April following full-fledged harvesting of the soy crop in Brazil and Argentina might cap the gains. Rabi arrival is also another bearish factor for the market. 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. Arrivals of Chana are expected to be in full momentum during this month which would create good buying level at the physical markets. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (MAY) Trend Strategy Resistance
• Bearish • Sell on highs • R2 - 1040 • R1 - 1020 • S1 - 1000 • S2 - 980
Support
GUARGUM (MAY) Trend
• Consolidate • Buy on dips
Strategy
CHANA (MAY MAY) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 2350 • R1 - 2325
Support
• S1 - 2265 • S2 - 2240
GUARSEED (MAY MAY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 8900 • R1 - 8800
Resistance
• R2 - 3100 • R1 - 3060
Support
• S1 - 8550 • S2 - 8450
Support
• S1 - 2990 • S2 - 2950
JEERA (MAY) Trend Strategy
• Bearish • Sell on highs
MENTHA OIL (APR APR) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 15250 • R1 - 15030
Resistance
• R2 - 1130 • R1 - 1105
Support
• S1 - 14650 • S2 - 14450
Support
• S1 - 1075 • S2 - 1060
PEPPER (MAY) Trend Strategy
• Bullish • Buy on dips
REFINED SOY OIL (MAY MAY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 30000 • R1 - 29500
Resistance
• R2 - 645 • R1 - 635
Support
• S1 - 28630 • S2 - 28000
Support
• S1 - 620 • S2 - 615
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SOYABEAN (MAY)) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (MAY MAY) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 2495 • R1 - 2465
Resistance
• R2 - 9150 • R1 - 9000
Support
• S1 - 2420 • S2 - 2400
Support
• S1 - 8600 • S2 - 8450
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