Daily Newsletter Newsletter-Agri Commodity 23/11/2010
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MARKET WRAP Turmeric ended at 4% upper circuit; seen up Pepper trades up on tight supply Indian spices rises on the back of poor supply India Jeera hits contract high on lower sowing; seen up India soybean rises on meal demand, overseas markets Guar futures up; seen range-bound Mentha-oil gains on poor arrivals; seen up Chana futures up
All the chief spices ended significantly strong on the NCDEX, out of which turmeric futures hit four per cent upper limit along with cumin seed futures. Pepper closed higher on tight supply though anticipation of fresh arrivals in mid December added weakness. which Dollar vs Re is expected to support the market sentiments on the export front. There are lower stocks of jeera till fresh arrivals expected in the month of February. This will help prices to find support and strengthen. Spillover strength from other spices also added bullish trend in jeera counter. Delayed arrivals and some export demand in the mandis are likely to support the prices of guar at the lower levels. Guarseed and guargum both ended in green and is expected to gain on active buying. Refined soya oil ends higher on firm global market demand and soya bean gains on export demand. Chana gains on strong domestic demand during marriage season. Mentha oil gains on poor arrivals and increased demand in winter season.
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TECHNICAL VIEW CARDAMOM (DEC) Trend Strategy
• Consolidate • Buy on dips
CHANA (DEC DEC) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 1055 • R1 - 1030
Resistance
• R2 - 2580 • R1 - 2525
Support
• S1 - 978 • S2 - 930
Support
• S1 - 2470 • S2 - 2440
GUARGUM (DEC) Trend Strategy
• Consolidate • Sell on highs
GUARSEED (DEC DEC) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 6000 • R1 - 5940
Resistance
• R2 - 2600 • R1 - 2550
Support
• S1 - 5700 • S2 - 5600
Support
• S1 - 2420 • S2 - 2360
JEERA (DEC) Trend Strategy
• Bullish • Buy on dips
MENTHA OIL (NOV NOV) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 16000 •R1 - 15670
Resistance
• R2 - 1290 • R1 - 1250
Support
•S1 - 14900 •S2 - 14600
Support
• S1 - 1210 •S2 - 1175
MUSTARD SEED (DEC) Trend Strategy
• Consolidate • Sell on highs
PEPPER (DEC)) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 580 •R1 - 575
Resistance
•R2 - 23340 •R1 - 23000
Support
•S1 - 566 •S2 - 560
Support
•S1 - 22000 •S2 - 21200
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SOYABEAN (DEC) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (DEC) Trend Strategy
• Bullish • Buy on dips
Resistance
•R2 - 2330 •R1 - 2300
Resistance
•R2 - 14220 •R1 - 14000
Support
•S1 - 2245 •S2 - 2225
Support
•S1 - 13500 •S2 - 13250
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