Daily Newsletter Newsletter-Agri Agri Commodity 24/06/2011
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MARKET WRAP Chana down on profit booking Jeera up on short covering Pepper falls on profit taking Oilseeds, soy oil ease on world market Guar down on profit booking Turmeric extends uptrend on fresh buying Mentha oil up on short covering
Turmeric futures are expected to trade on slightly positive because of drastic fall in prices growers are becoming reluctant in further selling of their produce. Jeera futures are expected to continue the bearish trend on poor domestic demand. Lack of active buying at spot market is likely to pull down the prices. The concerns regarding the chances of shift in acreage from Guar seed to castor seed might support the bulls. However, the progress of monsoon has been good so far and is likely to progress in time towards the north-western region of India. This impact of monsoon might limit the gains. As of now monsoon prospects are favorable for guar sowing in Pakistan which might affect the Indian market sentiments. Refined soy oil is likely to extend the losses in the week ahead. The major reason for the fall is the higher stocks of the palm oil which is around 2 million tons. Cardamom futures are projected to continue the positive trend. Fresh buying at lower level is likely to support the prices. However, prices might take decent correction initially on profit selling on higher levels. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (JULY) Trend Strategy Resistance
• Consolidate • Buy on dips • R2 - 905 • R1 - 890 • S1 - 855 • S2 - 840
Support
GUARGUM (JULY) Trend
• Bullish • Buy on dips
Strategy
CHANA (JULY JULY) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 2730 • R1 - 2700
Support
• S1 - 2640 • S2 - 2600
GUARSEED (JULY JULY) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 11250 • R1 - 11100
Resistance
• R2 - 3600 • R1 - 3500
Support
• S1 - 10800 • S2 - 10600
Support
• S1 - 3400 • S2 - 3300
JEERA (JULY) Trend Strategy
• Bearish • Sell on high
MENTHA OIL (JULY JULY) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 14250 • R1 - 14000
Resistance
• R2 - 880 • R1 - 865
Support
• S1 - 13650 • S2 - 13350
Support
• S1 - 835 • S2 - 820
PEPPER (JULY) Trend Strategy
• Consolidate • Buy on dips
REFINED SOY OIL (JU JULY) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 30700 • R1 - 29700
Resistance
• R2 - 645 • R1 - 640
Support
• S1 - 28800 • S2 - 28400
Support
• S1 - 630 • S2 - 625
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SOYABEAN (JULY)) Trend Strategy
• Consolidate • Sell on high
TURMERIC (JULY JULY) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 2380 • R1 - 2355
Resistance
• R2 - 7650 • R1 - 7500
Support
• S1 - 2250 • S2 - 2225
Support
• S1 - 7250 • S2 - 7100
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