Daily Newsletter-Agri Commodity 10/09/2011
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MARKET WRAP Chana ends up on fresh buying Guar gum & seed ends down on profit booking Jeera settles lower on higher arrivals Turmeric hits new contract low Mentha oil ends down on profit booking Pepper ends positive on short covering RM seed ends flat, profit booking caps gains Cardamom hits new contract low
Cardamom is expected to trade sideways to positive due to higher arrivals in the market from fresh crop amid subdued demand and sluggish outlook in the near term. An expected rise in demand due to festivals may support prices witness short covering. Mentha oil is likely to trade sideways to negative due to profit booking at higher levels and an overdue correction while higher arrivals will also pressurize the prices. Pepper is expected to trade sideways to positive due to fresh buying at lower levels by traders & good demand outlook in near term due to ongoing festival season & expected further rise in domestic and international export demand will support the prices. Jeera is likely to trade sideways to negative due to profit booking & higher arrivals in the market while expected rise in demand will support the prices on the lower levels. Turmeric is expected to trade sideways to negative due to sluggish demand outlook in the near term and higher arrivals in the market from fresh crop. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (SEP) Trend
• Consolidate • Sell on high
Strategy
CHANA (SEP) Trend
Strategy
• Bullish • Buy on dips
Resistance
• R2 - 710 • R1 - 695
Resistance
• R2 - 3450 • R1 - 3380
Support
• S1 - 675 • S2 - 665
Support
• S1 - 3300 • S2 - 3220
GUARGUM (SEP) Trend
• Consolidate •Buy on dips
Strategy
GUARSEED (SEP) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 14250 • R1 - 14000
Resistance
• R2 - 4430 • R1 - 4480
Support
• S1 - 13500 • S2 - 13200
Support
• S1 - 4390 • S2 - 4310
JEERA (SEP) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (SEP) Trend
Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 16200 • R1 - 15750
Resistance
• R2 - 1265 • R1 - 1250
Support
• S1 - 15300 • S2 - 15000
Support
• S1 - 1225 • S2 - 1200
PEPPER (SEP) Trend Strategy
• Consolidate • Buy on dips
MUSTARD SEED (SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 34400 • R1 - 33600
Resistance
• R2 - 2990 • R1 - 2930
Support
• S1 - 32700 • S2 - 32100
Support
• S1 - 2870 • S2 - 2820
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SOYABEAN (SEP) Trend Strategy
• Consolidate • Sell on high
TURMERIC (SEP) Trend Strategy
• Bearish • Sell on high
Resistance
• R2 - 2460 • R1 - 2420
Resistance
• R2 - 5300 • R1 - 5150
Support
• S1 - 2370 • S2 - 2340
Support
• S1 - 4950 • S2 - 4850
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