Daily Newsletter-Agri Commodity 20/09/2011
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MARKET WRAP Jeera extends uptrend Pepper hits multi-year high Turmeric declines on fresh selling Guar gum & seed up on short covering Mentha oil ends up on strong demand Chana extends uptrend for 3rd day RM Seed ends up on short covering Cardamom up on fresh buying
.Cardamom is expected to trade sideways to positive due to fresh buying on the back of rise in domestic demand ahead of festival season amid lower arrival in the market. Jeera is expected to trade sideways to positive due to strong domestic demand and expected rise in export demand and a possibility of delayed arrivals and heavy rainfall in the major producing areas is likely to weigh supply concerns. Chana is expected to trade sideways to positive due to projections about decline in global production amid lower arrivals in the market coupled with strong demand ahead of festival season. Pepper
is
expected
to
trade
sideways
to
positive
due
to
thin
supply and expectation of rise in export and domestic demand, also, supply side issues will keep the prices up in near term. Turmeric is expected trade sideways to negative due to subdued demand in the domestic and international market and weak outlook and any news of higher arrival will pressurize the prices. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (OCT) Trend Strategy Resistance
• Consolidate • Sell on high • R2 - 790 • R1 - 775 • S1 - 755 • S2 - 740
Support
GUARGUM (OCT) Trend
• Consolidate • Buy on dips
Strategy
CHANA (OCT) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 3760 • R1 - 3710
Support
• S1 - 3635 • S2 - 3600
GUARSEED (OCT) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 14400 • R1 - 14100
Resistance
• R2 - 4680 • R1 - 4610
Support
• S1 - 13800 • S2 - 13500
Support
• S1 - 4515 • S2 - 4450
JEERA (OCT) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (OCT) Trend
Strategy
• Bullish • Buy on dips
Resistance
• R2 - 16250 • R1 - 16100
Resistance
• R2 - 1360 • R1 - 1340
Support
• S1 - 15700 • S2 - 15550
Support
• S1 - 1315 • S2 - 1280
PEPPER (OCT) Trend Strategy
• Bullish • Buy on dips
MUSTARD SEED (OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 37300 • R1 - 36650
Resistance
• R2 - 3020 • R1 - 2990
Support
• S1 - 35900 • S2 - 35250
Support
• S1 - 2930 • S2 - 2900
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SOYABEAN (OCT) Trend Strategy
• Consolidate • Sell on high
TURMERIC (OCT) Trend Strategy
• Bearish • Sell on high
Resistance
• R2 - 2300 • R1 - 2275
Resistance
• R2 - 4700 • R1 - 4620
Support
• S1 - 2225 • S2 - 2200
Support
• S1 - 4520 • S2 - 4400
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