Daily Newsletter Newsletter-Agri Agri Commodity 27/05/2011
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MARKET WRAP Chana down on profit booking Jeera hits contract low on weak demand Pepper down on export Soy oil remains steady Guar down on rains Mentha oil rises on fresh buying Cardamom trades up on short covering Turmeric falls on ample supply
Turmeric prices in the intraday will trade sideways due to lackluster demand from local stockists. Demand from north India is also poor that is why traders are not interested in bulk buying. Jeera prices in the intraday will trade sideways to up due to dwindling arrivals in the domestic market. Any reports of crop damage in Syria might support prices in the short term. Trade of cheap imported pepper along with panic selling due to introduction of special margin might add to the down side. Hoarding of Pepper by the Vietnam farmers will also help prices to remain firm. The concerns about the early onset of the monsoon might raise the hopes for higher acreage under guar seed which might affect market sentiments for coming days. Good demand for Chana across the spot market ahead of upcoming festive season is likely to support the prices. The near term demand for the edible oil and the soy bean for sowing purposes may lend support to the oil prices. Lack of buying interest at spot market might weigh on Cardamom prices. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (JUNE) Trend Strategy Resistance
• Bearish • Sell on highs • R2 - 875 • R1 - 860 • S1 - 830 • S2 - 820
Support
GUARGUM (JUNE) Trend
• Bullish • Buy on dips
Strategy
CHANA (JUNE JUNE) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 2565 • R1 - 2540
Support
• S1 - 2490 • S2 - 2470
GUARSEED (JUNE JUNE) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 10700 • R1 - 10500
Resistance
• R2 - 3400 • R1 - 3350
Support
• S1 - 10100 • S2 - 9750
Support
• S1 - 3260 • S2 - 3225
JEERA (JUNE) Trend Strategy
• Bearish • Sell on highs
MENTHA OIL (JUNE JUNE) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 15050 • R1 - 14830
Resistance
• R2 - 900 • R1 - 885
Support
• S1 - 14250 • S2 - 14080
Support
• S1 - 855 • S2 - 840
PEPPER (JUNE) Trend Strategy
• Consolidate • Sell on highs
REFINED SOY OIL (JUNE JUNE) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 30000 • R1 - 29500
Resistance
• R2 - 660 • R1 - 655
Support
• S1 - 28700 • S2 - 28000
Support
• S1 - 640 • S2 - 635
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SOYABEAN (JUNE)) Trend Strategy
• Consolidate • Buy on dips
TURMERIC (JUNE JUNE) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 2420 • R1 - 2400
Resistance
• R2 - 8250 • R1 - 8100
Support
• S1 - 2350 • S2 - 2330
Support
• S1 - 7800 • S2 - 7650
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