Daily Newsletter-Agri Commodity 24/09/2011
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MARKET WRAP RM Seed ends down on fresh selling Cardamom ends down on fresh selling Pepper ends down on weak demand Jeera ends down on profit booking Guar gum & seed ends flat with negative bias Mentha oil ends on fresh selling Turmeric ends down on lower circuit Chana up on fresh buying
Turmeric is expected trade sideways to negative due to subdued demand in the domestic and international market and weak outlook and any news of higher arrival will pressurize the prices. Cardamom is expected to trade sideways to negative due to sluggish demand outlook amid higher arrival in the market though ongoing festival session will support the price on lower level. Pepper is expected to trade sideways to negative due to weak supply and though ongoing festival session and limited stock will support the price on lower levels. Chana is expected to trade sideways to positive due to strong domestic demand amid ongoing festive season and lower production at global front will also support the price. Jeera is expected to trade sideways to negative due to weak demand and higher arrivals in the market from fresh crop though expected rise in export demand will support the prices at the lower level.
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TECHNICAL VIEW CARDAMOM (OCT) Trend Strategy Resistance
• Consolidate • Sell on high • R2 - 755 • R1 - 740 • S1 - 720 • S2 - 705
Support
GUARGUM (OCT) Trend
• Consolidate • Buy on dips
Strategy
CHANA (OCT) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 3765 • R1 - 3695
Support
• S1 - 3625 • S2 - 3555
GUARSEED (OCT) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 15050 • R1 - 14750
Resistance
• R2 - 4800 • R1 - 4712
Support
• S1 - 14450 • S2 - 14150
Support
• S1 - 4620 • S2 - 4530
JEERA (OCT) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (OCT) Trend
Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 16100 • R1 - 15800
Resistance
• R2 - 1355 • R1 - 1330
Support
• S1 - 15450 • S2 - 15150
Support
• S1 - 1305 • S2 - 1280
PEPPER (OCT) Trend Strategy
• Bullish • Buy on dips
MUSTARD SEED (OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 37600 • R1 - 36900
Resistance
• R2 - 3025 • R1 - 2965
Support
• S1 - 36200 • S2 - 35500
Support
• S1 - 2935 • S2 - 2875
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SOYABEAN (OCT) Trend Strategy
• Consolidate • Sell on high
TURMERIC (OCT) Trend Strategy
• Bearish • Sell on high
Resistance
• R2 - 2305 • R1 - 2265
Resistance
• R2 - 4560 • R1 - 4470
Support
• S1 - 2220 • S2 - 2180
Support
• S1 - 4380 • S2 - 4300
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