Daily Newsletter Newsletter-Agri Commodity 21/12/2010
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MARKET WRAP Turmeric up on lower stocks Pepper declines on short selling Cardamom continues uptrend on short coverings Jeera trades up on fresh buying Guar falls on output Chana remains steady Soy Oil plunges on global cues Rupee tumbles on firm dollar
Apprehensions of damage to sown crops have kept rates firm for Turmeric. Lower stocks and weak arrivals in the mandis too supported the price for Turmeric. Short term trend would remain volatile as traders wait for corrections for buying opportunities. Delayed sowing in major growing belts in Gujarat and lower stocks available with traders & stockiest, amid crop loss in other countries is likely to support Jeera from further falling in near term. Demand from the domestic and overseas buyers is expected in the coming days. Reports of lower stocks could support the price of Pepper and traders are anticipating both exports and domestic demand to rise in coming weeks. Strengthening of Dollar vs. Re could have positive impact on the export front. Expectations of lower production and rising export demand from China are expected to provide support to the Mentha Oil prices in medium term. Traders are also reportedly holding back stocks in anticipation of a rise in price in the coming weeks. www.capitalheight.com
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TECHNICAL VIEW CARDAMOM (JAN) Trend Strategy
• Bullish • Buy on dips
CHANA (JAN) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 1460 • R1 - 1440
Resistance
• R2 - 2597 • R1 - 2563
Support
• S1 - 1400 • S2 - 1360
Support
• S1 - 2503 • S2 - 2485
GUARGUM (JAN) Trend Strategy
• Consolidate • Sell on highs
GUARSEED (JAN JAN) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 6645 • R1 - 6550
Resistance
• R2 - 2550 • R1 - 2510
Support
• S1 - 6275 • S2 - 6180
Support
• S1 - 2435 • S2 - 2400
JEERA (JAN) Trend Strategy
• Consolidate • Sell on highs
MENTHA OIL (DEC DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 14390 •R1 - 14210
Resistance
• R2 - 1170 • R1 - 1150
Support
•S1 - 13990 •S2 - 13790
Support
• S1 - 1100 •S2 - 1070
MUSTARD SEED (JAN) Trend Strategy
• Consolidate • Sell on highs
PEPPER (JAN)) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 569 •R1 - 565
Resistance
•R2 - 22670 •R1 - 22350
Support
•S1 - 557 •S2 - 554
Support
•S1 - 21800 •S2 - 21330
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SOYABEAN (JAN)) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (APR) (APR Trend Strategy
• Bullish • Buy on dips
Resistance
•R2 - 2280 •R1 - 2260
Resistance
•R2 - 10400 •R1 - 10200
Support
•S1 - 2225 •S2 - 2200
Support
•S1 - 9850 •S2 - 9750
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