Daily Newsletter-Agri Commodity 17/09/2011
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MARKET WRAP Chana extends uptrend for 4th day Cardamom ends down, demand weakens Guar gum & seed down on profit booking Jeera rebounds on fresh buying Mentha oil extends uptrend Pepper sizzles up on fresh buying Soy bean ends marginally up Turmeric hits multi year lows
Pepper is expected to trade sideways to positive due to rise in domestic demand amid limited stocks. Better demand outlook ahead of festivals and expected rise in export demand will keep the prices in uptrend. Turmeric is expected to trade sideways to negative due ample supply in the market from fresh crop with sowing progress growth in major areas is also pressurizing the prices. Steady higher arrivals and subdued demand will keep prices in downtrend in near term. Mentha oil is expected to trade sideways to positive due to firm domestic demand, especially from pharmaceutical industry amid weak arrivals from the major producing regions. A rise in the demand and fall in arrivals will keep prices positive in the near term. Chana is expected to trade sideways to positive due to steady fresh buying at lower levels in the market amid ongoing festivals and fresh buying at lower level, though, profit booking can cap upside gains.
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TECHNICAL VIEW CARDAMOM (OCT) Trend Strategy Resistance
• Consolidate • Sell on high • R2 - 760 • R1 - 745 • S1 - 725 • S2 - 710
Support
GUARGUM (OCT) Trend
• Consolidate • Sell on high
Strategy
CHANA (OCT) Trend
Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 3610 • R1 - 3550
Support
• S1 - 3480 • S2 - 3430
GUARSEED (OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 14300 • R1 - 14000
Resistance
• R2 - 4620 • R1 - 4550
Support
• S1 - 13600 • S2 - 13300
Support
• S1 - 4450 • S2 - 4380
JEERA (OCT) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (OCT) Trend
Strategy
• Bullish • Buy on dips
Resistance
• R2 - 15950 • R1 - 15600
Resistance
• R2 - 1320 • R1 - 1298
Support
• S1 - 15300 • S2 - 15000
Support
• S1 - 1270 • S2 - 1250
PEPPER (OCT) Trend Strategy
•Bullish • Buy on dips
MUSTARD SEED (OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 36100 • R1 - 35300
Resistance
• R2 - 2970 • R1 - 2950
Support
• S1 - 34800 • S2 - 34000
Support
• S1 - 2900 • S2 - 2870
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SOYABEAN (OCT) Trend Strategy
• Consolidate • Sell on high
TURMERIC (OCT) Trend Strategy
• Bearish • Sell on high
Resistance
• R2 - 2310 • R1 - 2290
Resistance
• R2 - 4850 • R1 - 4750
Support
• S1 - 2250 • S2 - 2230
Support
• S1 - 4600 • S2 - 4450
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