Daily Newsletter Newsletter-Agri Agri Commodity 16/07/2011
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MARKET WRAP Chana falls on profit booking Jeera down on profit booking Pepper falls on profit booking Oilseeds, soy oil drop on global cues Guar gains on domestic demand Turmeric down on low demand Mentha recovers on short covering
Agri commodities came down on conflicting signals. There is some scope for upside movement on the back of a strong demand of Mentha oil from pharmaceutical companies, besides export demand. Chana futures at multi weeks’ high may now take a pause. Profit booking may take a toll on the nuts. The upside in guar complex may remain supported mainly by two reasons i.e. apprehension of fall in acreage farmers diverting towards cotton & greater usage inquiries from oil drilling sector. Turmeric futures may remain sideways following reports of slowdown in sowing due to poor rains in producing regions. Good export & domestic demand, lower stocks and a fall in production of Pepper are likely to support the market sentiments in the near term. Better Indian quality and availability of stocks could shift the Gulf demand ahead of Ramzan towards India in the coming weeks. Broad fundamentals like the lower global oil seed production forecast and rape seed crop concerns in Ukraine might drive the prices upside. CPO futures are likely to dip on Malaysian prices. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (AUG) Trend Strategy Resistance
• Consolidate • Sell on high • R2 - 860 • R1 - 845 • S1 - 815 • S2 - 800
Support
GUARGUM (AUG) Trend
• Bullish • Buy on dips
Strategy
CHANA (AUG AUG) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 3060 • R1 - 3030
Support
• S1 - 2850 • S2 - 2825
GUARSEED (AUG AUG) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 13150 • R1 - 12900
Resistance
• R2 - 4150 • R1 - 4100
Support
• S1 - 12330 • S2 - 12100
Support
• S1 - 4000 • S2 - 3950
JEERA (AUG) Trend Strategy
• Consolidate • Buy on dips
MENTHA OIL (JULY JULY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 15750 • R1 - 15450
Resistance
• R2 - 1120 • R1 - 1100
Support
• S1 - 15000 • S2 - 14700
Support
• S1 - 1055 • S2 - 1035
PEPPER (AUG) Trend Strategy
• Consolidate • Buy on dips
MUSTARD SEED (AUG AUG) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 29600 • R1 - 29200
Resistance
• R2 - 2970 • R1 - 2950
Support
• S1 - 28300 • S2 - 27800
Support
• S1 - 2900 • S2 - 2875
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SOYABEAN (AUG)) Trend Strategy
• Consolidate • Buy on dips
TURMERIC (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 2400 • R1 - 2370
Resistance
• R2 - 7700 • R1 - 7550
Support
• S1 - 2280 • S2 - 2250
Support
• S1 - 7330 • S2 - 7250
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