Daily Newsletter Newsletter-Agri Agri Commodity 11/07/2011
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MARKET WRAP Chana remains unchanged Jeera falls on weak demand Pepper falls on profit booking Oilseeds, soy oil add gains on demand Guar up on short covering Turmeric edges higher on short covering Mentha oil falls on profit booking
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. Indian prices are ruling in line with other major Pepper producing countries. Due to heavy volatility in prices traders are not interested in holding the positions therefore, they are exiting their positions towards the end of the session. According to derivative analysis of Chana, the increase in price, volume and decline in open interest indicates volatile trend in market with biasness towards selling side which might lead to correction. Traders are likely to take advantage of rally in prices of Guar over last week and might continue selling at higher price levels supporting the decline in prices. Concerns about higher stock levels and the expectations of increase in Kharif oilseed production by 9% are affecting the Mustard Seed market sentiments. Better production prospects and lower export demand may limit a steep price rise in Soybean. Weather disturbance in growing areas of Mentha can have some bullish impact on the market sentiments in the short term. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (JULY) Trend Strategy Resistance
• Consolidate • Sell on high • R2 - 845 • R1 - 830 • S1 - 800 • S2 - 785
Support
GUARGUM (JULY) Trend
• Consolidate • Buy on dips
Strategy
CHANA (JULY JULY) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 2860 • R1 - 2830
Support
• S1 - 2760 • S2 - 2720
GUARSEED (JULY JULY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 12050 • R1 - 11900
Resistance
• R2 - 3860 • R1 - 3830
Support
• S1 - 11600 • S2 - 11450
Support
• S1 - 3740 • S2 - 3715
JEERA (JULY) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (JULY JULY) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 14800 • R1 - 14600
Resistance
• R2 - 1120 • R1 - 1100
Support
• S1 - 14080 • S2 - 13800
Support
• S1 - 1060 • S2 - 1040
PEPPER (JULY) Trend Strategy
• Consolidate • Sell on high
REFINED SOY OIL (JU JULY) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 27800 • R1 - 27400
Resistance
• R2 - 650 • R1 - 645
Support
• S1 - 26300 • S2 - 25750
Support
• S1 - 635 • S2 - 630
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SOYABEAN (JULY)) Trend Strategy
• Consolidate • Buy on dips
TURMERIC (JULY JULY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 2330 • R1 - 2310
Resistance
• R2 - 7850 • R1 - 7750
Support
• S1 - 2270 • S2 - 2250
Support
• S1 - 7530 • S2 - 7450
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