Daily Newsletter Newsletter-Agri Agri Commodity 10/05/2011
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MARKET WRAP Chana continues downtrend on arrival pressure Jeera declines on short selling Pepper extend gains on fresh buying Soy oil recovers on domestic demand Guar up on bargain buying Mentha oil weakens on profit booking Cardamom surges on weak arrivals Turmeric rises on short covering
Turmeric price trend in the short term (till May) are likely to depend on the arrivals and demand from the overseas and domestic buyers. Jeera prices in the intraday will trade sideways due to lackluster trades at the domestic market. Arrivals in the market have started to decline gradually due to ending season. Lower supplies both in the domestic as well as in the international coupled with hoarding of Pepper by the Vietnam farmers will support pepper prices in the short term. Oilseed complex are expected to trade lower due to weak global market sentiments as concern of palm oil supply and subdued demand in physical market. The concerns about the shift in acreage from the guar to cotton in the irrigated guar producing belt are supportive for the prices. Guar futures are likely to trade firm owing to demand from the overseas buyers. Chana prices might decline initially on the reports of timely withdrawal of monsoon which would boost the output of Pulses. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (MAY) Trend Strategy Resistance
• Bearish • Sell on highs • R2 - 945 • R1 - 930 • S1 - 895 • S2 - 877
Support
GUARGUM (MAY) Trend
• Bullish • Buy on dips
Strategy
CHANA (MAY MAY) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 2355 • R1 - 2330
Support
• S1 - 2285 • S2 - 2265
GUARSEED (MAY MAY) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 9750 • R1 - 9600
Resistance
• R2 - 3300 • R1 - 3230
Support
• S1 - 9350 • S2 - 9200
Support
• S1 - 3160 • S2 - 3100
JEERA (MAY) Trend Strategy
• Consolidate • Sell on highs
MENTHA OIL (APR APR) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 14900 • R1 - 14600
Resistance
• R2 - 1000 • R1 - 980
Support
• S1 - 14250 • S2 - 13900
Support
• S1 - 935 • S2 - 915
PEPPER (MAY) Trend Strategy
• Bullish • Buy on dips
REFINED SOY OIL (MAY MAY) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 30500 • R1 - 30000
Resistance
• R2 - 625 • R1 - 620
Support
• S1 - 29100 • S2 - 28600
Support
• S1 - 610 • S2 - 605
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SOYABEAN (MAY)) Trend Strategy
• Bearish • Sell on highs
TURMERIC (MAY MAY) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 2385 • R1 - 2350
Resistance
• R2 - 8860 • R1 - 8650
Support
• S1 - 2285 • S2 - 2250
Support
• S1 - 8440 • S2 - 8330
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