Daily Newsletter Newsletter-Agri Commodity 25/11/2010
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MARKET WRAP Turmeric ends in red Pepper gains on tight supply Cardamom gains on low arrivals Jeera falls on weak overseas demand India oilseeds, soy oil rise tracking global markets Guar zooms on heavy demand Mentha-oil expected to fall on profit booking Chana likely to move further higher
Turmeric is ends in red as a result of profit taking after successive sessions of upper circuit. Pepper futures swelled in the early trading sessions lead by fresh buying amid shortage of the spice in the global markets against the strong demand. Fundamentals are likely to push the commodity further upside in long term. There are lower stocks of Jeera till fresh arrivals expected in the month of February. This will help prices to find support and strengthen. Rising exports amidst reports of delayed arrivals and slight fall in production expectations and adverse impact on the crop from the rains in growing areas have kept sentiments Bullish for Guar. Refined Soya Oil gained in the early trading sessions on fresh buying triggered by firm global cues and amid strong soya meal export demand. While overall fundamentals look positive, traders are not ruling out some profit booking at the higher levels for Mentha oil.
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TECHNICAL VIEW CARDAMOM (DEC) Trend Strategy
• Bullish • Buy on dipds
CHANA (DEC DEC) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 1140 • R1 - 1110
Resistance
• R2 - 2580 • R1 - 2525
Support
• S1 - 1055 • S2 - 1030
Support
• S1 - 2475 • S2 - 2450
GUARGUM (DEC) Trend Strategy
• Bullish • Buy on dips
GUARSEED (DEC DEC) Trend Strategy
• Bullish • Sell on highs
Resistance
• R2 - 6270 • R1 - 6160
Resistance
• R2 - 2590 • R1 - 2540
Support
• S1 - 5880 • S2 - 5800
Support
• S1 - 2455 • S2 - 2420
JEERA (DEC) Trend Strategy
• Consolidate • Sell on highs
MENTHA OIL (NOV NOV) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 15350 •R1 - 15070
Resistance
• R2 - 1250 • R1 - 1228
Support
•S1 - 14555 •S2 - 14320
Support
• S1 - 1174 •S2 - 1136
MUSTARD SEED (DEC) Trend Strategy
• Consolidate • Sell on highs
PEPPER (DEC)) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 575 •R1 - 573
Resistance
•R2 - 22700 •R1 - 22475
Support
•S1 - 563 •S2 - 557
Support
•S1 - 21710 •S2 - 21220
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SOYABEAN (DEC) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (DEC) Trend Strategy
• Bullish • Buy on dips
Resistance
•R2 - 2320 •R1 - 2295
Resistance
•R2 - 14800 •R1 - 14580
Support
•S1 - 2245 •S2 - 2225
Support
•S1 - 14070 •S2 - 13900
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