Daily Newsletter-Agri Commodity 30/08/2011
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MARKET WRAP Cardamom rebounds on short covering Pepper hits new high on fresh buying Guar gum & seed edges up on weak sowing Mentha oil ends down on profit booking Soy bean extends uptrend for 2nd day RM Seed edges up on fresh buying Turmeric ends up on short covering Jeera ends flat on negative bias
Chana is expected to trade sideways to positive due to weak sowing and lower arrivals in
the
market.
Moreover,
steady
trend
in
physical
market
coupled
with
feeble sowing progress of kharif pulses will support the prices in the near term. Pepper prices in intraday is expected to trade sideways to up due to lower availability amidst better off takes, also, major pepper producing regions have reported lower stocks that could further extend it uptrend in the near term. Jeera is expected to trade sideways to negative due to poor export demand that will keep prices under pressure coupled with higher arrivals, though, good demand and fresh buying at lower levels could support the prices. Mentha oil is expected to trade sideways to negative on weak exports and profit booking at higher levels though firm demand from pharmaceuticals industry and expected rise in export demand could support the prices.
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TECHNICAL VIEW CARDAMOM (SEP) Trend Strategy Resistance
• Consolidate • Sell on high • R2 - 760 • R1 - 740 • S1 -710 • S2 - 680
Support
GUARGUM (SEP) Trend
• Consolidate • Buy on dips
Strategy
CHANA (SEP) Trend
Strategy
• Bullish • Buy on dips
Resistance
• R2 - 3360 • R1 - 3320
Support
• S1 - 3235 • S2 -3190
GUARSEED (SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 14200 • R1 - 14800
Resistance
• R2 - 4610 • R1 - 4550
Support
• S1 - 14350 • S2 - 14100
Support
• S1 - 4430 • S2 - 4390
JEERA (SEP) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (SEP) Trend
Strategy
• Consolidate • Sell on high
Resistance
• R2 - 16500 • R1 - 16200
Resistance
• R2 - 1190 • R1 - 1160
Support
• S1 - 15500 • S2 - 15200
Support
• S1 - 1120 • S2 - 1090
PEPPER (SEP) Trend Strategy
• Bullish • Buy on dips
MUSTARD SEED (SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 34600 • R1 - 34000
Resistance
• R2 - 3030 • R1 - 2980
Support
• S1 - 32900 • S2 - 32300
Support
• S1 - 2935 • S2 - 2900
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SOYABEAN (SEP) Trend Strategy
• Consolidate • Sell on high
TURMERIC (SEP) Trend Strategy
• Bearish • Sell on high
Resistance
• R2 - 2480 • R1 - 2455
Resistance
• R2 - 6000 • R1 - 5900
Support
• S1 - 2400 • S2 - 2380
Support
• S1 - 5600 • S2 - 5450
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