Daily Newsletter Newsletter-Agri Commodity 24/11/2010
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MARKET WRAP Turmeric makes expected 4% uptrend on strong buying Pepper tumbles on fresh selling Cardamom rises on short coverings Jeera falls on sluggish export demand Oilseeds, soy-oil erase gains on palm Guar ends green Mentha-oil ends in red Chana likely to fall on higher supplies India’s October spices exports fall 10.6 pct
Turmeric is higher on the back of strong speculative interest amid some reports of lower stocks. Market is likely to take bearish cues of higher production estimation by mid December. India pepper futures ended in losses with the futures paring the early gains lead by fresh selling at higher levels. Cumin Seed futures witnessed profit selling pressure at higher levels amid weak export demand and technical cues; earlier jeera went up sharply on good buying on the reports of delayed sowing on unfavorable weather and spillover strength from pepper futures. Guar up on untimely rains and sustained demand in the market. Improved marriage season demand kept trend firm for Chana in the spot and the futures. Refined soya oil falls on weak global market. Mentha oil ends in red due to profit booking at higher levels.
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TECHNICAL VIEW CARDAMOM (DEC) Trend Strategy
• Consolidate • Buy on dipds
CHANA (DEC DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 1100 • R1 - 1075
Resistance
• R2 - 2580 • R1 - 2525
Support
• S1 - 1030 • S2 - 975
Support
• S1 - 2470 • S2 - 2440
GUARGUM (DEC) Trend Strategy
• Bullish • Buy on dips
GUARSEED (DEC DEC) Trend Strategy
• Bullish • Sell on highs
Resistance
• R2 - 6210 • R1 - 6115
Resistance
• R2 - 2590 • R1 - 2515
Support
• S1 - 5900 • S2 - 5820
Support
• S1 - 2455 • S2 - 2420
JEERA (DEC) Trend Strategy
• Bullish • Sell on highs
MENTHA OIL (NOV NOV) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 15770 •R1 - 15515
Resistance
• R2 - 1250 • R1 - 1228
Support
•S1 - 14800 •S2 - 14600
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 - 22500 •R1 - 22125
Support
•S1 - 563 •S2 - 557
Support
•S1 - 21640 •S2 - 21140
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SOYABEAN (DEC) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (DEC) Trend Strategy
• Bullish • Buy on dips
Resistance
•R2 - 2300 •R1 - 2280
Resistance
•R2 - 14790 •R1 - 14580
Support
•S1 - 2235 •S2 - 2200
Support
•S1 - 13900 •S2 - 13600
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