Daily Newsletter Newsletter-Agri Agri Commodity 01/08/2011
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MARKET WRAP Chana jumps on festive demand Jeera continues uptrend on Pepper gains on weak arrivals Oilseeds, soy oil edges higher on limited stocks Guar gum hits 4% circuit Turmeric up on short covering
Chana future rose today due to depleting inventory and festival demand, though profittaking and higher arrivals capped the upside. Weak production prospects of Chana in Canada are likely to have a positive impact over Indian market sentiments. The sowing progress of Kharif pulses has been good in Maharashtra, Madhya Pradesh and Rajasthan which might limit the gains. Pepper futures in the intraday are expected to trade sideways to up due to lower arrivals in the domestic mandi. Demand from the domestic buyers ahead of festivals might keep prices supported in the short term. However, as the prices of Indian origin are being quoted at higher levels overseas buyers might stay away from Indian market thereby restricting major upside in the prices. Huge arrivals of Cardamom from fresh crop are likely to pressurize the prices. Turmeric prices in the intraday may trade range bound to firm on account of improved buying at lower levels. Price trend in the short term is likely to depend on distribution of rainfall in the growing areas and demand for the spice from domestic and overseas buyers. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (AUG) Trend Strategy Resistance
• Consolidate • Buy on dips • R2 - 875 • R1 - 860 • S1 - 825 • S2 - 810
Support
GUARGUM (AUG) Trend
• Consolidate • Buy on dips
Strategy
CHANA (AUG AUG) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 3250 • R1 - 3200
Support
• S1 - 3110 • S2 - 3060
GUARSEED (AUG AUG) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 15200 • R1 - 14900
Resistance
• R2 - 4660 • R1 - 4575
Support
• S1 - 14400 • S2 - 14050
Support
• S1 - 4400 • S2 - 4300
JEERA (AUG) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (AUG AUG) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 16650 • R1 - 16350
Resistance
• R2 - 1100 • R1 - 1080
Support
• S1 - 15800 • S2 - 15500
Support
• S1 - 1055 • S2 - 1030
PEPPER (AUG) Trend Strategy
• Consolidate • Sell on high
MUSTARD SEED (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 30300 • R1 - 29950
Resistance
• R2 - 3040 • R1 - 3010
Support
• S1 - 28800 • S2 - 28200
Support
• S1 - 2950 • S2 - 2930
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SOYABEAN (AUG)) Trend Strategy
• Consolidate • Sell on high
TURMERIC (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 2480 • R1 - 2480
Resistance
• R2 - 7430 • R1 - 7350
Support
• S1 - 2420 • S2 - 2400
Support
• S1 - 7100 • S2 - 6980
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