Daily Newsletter Newsletter-Agri Agri Commodity 02/12/2010
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MARKET WRAP Turmeric declines on short selling Pepper rises on fresh buying Jeera plunges on profit booking Oilseeds, soya oil rise on meal exports Guar up on export demand Chana down on profit taking Mentha oil up on export demand
Indian turmeric futures extended the loss on short selling at higher levels amid higher production estimation and technical cues. Demand for Jeera from the domestic and overseas buyers is expected in the coming days also lower stocks of Jeera till fresh arrivals expected in the month of February will help prices to find support and strengthen. Pepper futures will trade with moderate gains lead by fresh buying amid firm fundamentals. Overall trend of chana looks firm but traders do not rule out some profit booking at higher levels. India has raised minimum support price (MSP) of Chana by 19.3 percent to 2,100 rupees per 100 kg and that of rapeseed by 1.06 percent to 1,850 rupees per 100 kg. Increasing export and domestic demand from pharmaceutical Industries kept supporting the spot rates of Mentha oil. Also the rates had fallen a lot over the last few days and a rise in demand at the lower levels supported the falling rates.
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TECHNICAL VIEW CARDAMOM (DEC) Trend Strategy
• Bullish • Buy on dips
CHANA (DEC DEC) Trend Strategy
• Bullish • Sell on highs
Resistance
• R2 - 1330 • R1 - 1280
Resistance
• R2 - 2570 • R1 - 2557
Support
• S1 - 1220 • S2 - 1180
Support
• S1 - 2500 • S2 - 2480
GUARGUM (DEC) Trend Strategy
• Bearish • Sell on highs
GUARSEED (DEC DEC) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 5950 • R1 - 5880
Resistance
• R2 - 2430 • R1 - 2385
Support
• S1 - 5700 • S2 - 5600
Support
• S1 - 2320 • S2 - 2270
JEERA (DEC) Trend Strategy
• Bearish • Sell on highs
MENTHA OIL (DEC DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 14450 •R1 - 14250
Resistance
• R2 - 1306 • R1 - 1280
Support
•S1 - 13890 •S2 - 13750
Support
• S1 - 1230 •S2 - 1200
MUSTARD SEED (DEC) Trend Strategy
• Consolidate • Buy on dips
PEPPER (DEC)) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 580 •R1 - 574
Resistance
•R2 - 22400 •R1 - 22200
Support
•S1 - 562 •S2 - 557
Support
•S1 - 21760 •S2 - 21550
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SOYABEAN (DEC) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (DEC) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 2280 •R1 - 2265
Resistance
•R2 - 15700 •R1 - 15500
Support
•S1 - 2225 •S2 - 2215
Support
•S1 - 15150 •S2 - 14800
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