Daily Newsletter Newsletter-Agri Agri Commodity 18/05/2011
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MARKET WRAP Chana up on miller’s demand Jeera up on bargain buying Pepper drops on profit booking Soybean, Soy oil edge up on global cues Guar hits contract high Mentha oil weakens on profit booking Cardamom plunges on fresh arrivals Turmeric plunges on arrival pressure
Turmeric price trend in the short term are likely to depend on the arrivals and demand from the overseas and domestic buyers. The Jeera futures are forecast to trade on a weaker note on extended selling pressure backed by bearish fundamental factors. Sluggish demand for the produce in the spot market from traders and exporters is likely to weigh on the market. Traders and investors are likely to buy Pepper futures on expectation of robust global demand. Tightening world supply of pepper is likely to render support to the market. Oilseed complex are expected to trade slightly higher on account of firm overseas market and lower existing carry-over stock of soybean and declining arrivals due to off season. Robust demand for guar gum in international market is likely to render support to the gum futures. Declining stock level might also render support for the gum futures. The chana futures are projected to resume its uptrend on emergence of fresh buying supported by strong fundamental factors. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (JUNE) Trend Strategy Resistance
• Consolidate • Sell on highs • R2 - 975 • R1 - 960 • S1 - 930 • S2 - 915
Support
GUARGUM (JUNE) Trend
• Bullish • Buy on dips
Strategy
CHANA (JUNE JUNE) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 2560 • R1 - 2530
Support
• S1 - 2475 • S2 - 2440
GUARSEED (JUNE JUNE) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 10600 • R1 - 10400
Resistance
• R2 - 3350 • R1 - 3310
Support
• S1 - 9900 • S2 - 9680
Support
• S1 - 3245 • S2 - 3200
JEERA (JUNE) Trend Strategy
• Consolidate • Sell on highs
MENTHA OIL (JUNE JUNE) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 15700 • R1 - 15500
Resistance
• R2 - 915 • R1 - 905
Support
• S1 - 15050 • S2 - 14850
Support
• S1 - 875 • S2 - 860
PEPPER (JUNE) Trend Strategy
• Consolidate • Buy on dips
REFINED SOY OIL (JUNE JUNE) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 30600 • R1 - 30300
Resistance
• R2 - 640 • R1 - 635
Support
• S1 - 29300 • S2 - 29000
Support
• S1 - 625 • S2 - 620
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SOYABEAN (JUNE)) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (JUNE JUNE) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 2450 • R1 - 2415
Resistance
• R2 - 8550 • R1 - 8400
Support
• S1 - 2340 • S2 - 2320
Support
• S1 - 8150 • S2 - 8000
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