Daily Newsletter Newsletter-Agri Agri Commodity 11/06/2011
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MARKET WRAP Chana falls down on profit booking Jeera extends downtrend on weak exports Pepper regains on limited stocks Soyoil tumbles on global cues Guarseed falls on subdued demand Mentha oil trades down on sluggish demand Cardamom ends down on profit booking Turmeric falls on short selling & weak exports
Chana fell as speculators booked profits at high levels, driven by a sluggish spot demand, increased arrivals from producing belts also led to fall in Chana prices. Guar seed and gum are expected to trade negative as the arrivals from stocks being higher this week are likely to keep the prices downside. The soy oil might resume the bearish trend as the higher supplies of the edible oils across the globe as per the USDA report is expected to have negative impact. Cardamom ended down on profit booking and may remain negative due to higher arrivals while favorable weather conditions may keep prices under pressure. The jeera futures are forecast to continue the bearish trend on profit booking as overall trend is sluggish amid prevailing poor domestic demand, also, on the report that jeera exports fell by 35% to 32,500 million tons from 49,750 million tons during same period last year.
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TECHNICAL VIEW CARDAMOM (JUNE) Trend Strategy Resistance
• Consolidate • Sell on high • R2 - 785 • R1 - 760 • S1 - 725 • S2 - 710
Support
GUARGUM (JUNE) Trend
• Consolidate • Sell on high
Strategy
CHANA (JUNE JUNE) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 2615 • R1 - 2580
Support
• S1 - 2540 • S2 - 2500
GUARSEED (JUNE JUNE) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 10400 • R1 - 10250
Resistance
• R2 - 3330 • R1 - 3270
Support
• S1 - 9970 • S2 - 9850
Support
• S1 - 3190 • S2 - 3150
JEERA (JUNE) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (JUNE JUNE) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 14250 • R1 - 13920
Resistance
• R2 - 915 • R1 - 890
Support
• S1 - 13500 • S2 - 13350
Support
• S1 - 855 • S2 - 840
PEPPER (JUNE) Trend Strategy
• Consolidate • Buy on dips
REFINED SOY OIL (JUNE JUNE) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 30650 • R1 - 30100
Resistance
• R2 - 660 • R1 - 650
Support
• S1 - 29200 • S2 - 28600
Support
• S1 - 635 • S2 - 629
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SOYABEAN (JUNE)) Trend Strategy
• Consolidate • Sell on high
TURMERIC (JUNE JUNE) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 2380 • R1 - 2350
Resistance
• R2 - 7490 • R1 - 7330
Support
• S1 - 2300 • S2 - 2260
Support
• S1 - 7150 • S2 - 7000
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