Daily Newsletter Newsletter-Agri Agri Commodity 15/12/2010
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MARKET WRAP Turmeric up on bargain buying Pepper continues uptrend on fresh buying Jeera seen range bound Soy oil falls on profit booking Guar up on lower stock Chana up on local demand Indian rupee zooms on weak dollar Mentha oil trades up on export demand
Short-term trend of Turmeric would remain volatile as traders wait for corrections for buying opportunities; good rains in the growing areas of AP and Karnataka raised possibilities of a better crop this year. Lower stocks of Jeera with the domestic stockiest and reports of effect on the production and yield of Jeera will support prices in the coming weeks. Unseasonal rains in the previous month will have adverse impact on the output. Mustard seed production may increase this year but a lot will depend upon the near term weather. At international levels, stocks are also expected to decline in major Canola producing countries thus supply situation is expected to remain very tight in these countries which may fuel the international market sentiments. Search for ecofriendly substitutes have prompted a surge in demand for Indian guar gum from oil and gas companies that is expected to push exports up 22 percent in 2010/11.
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TECHNICAL VIEW CARDAMOM (JAN) Trend Strategy
• Consolidate • Sell on highs
CHANA (JAN) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 1320 • R1 - 1300
Resistance
• R2 - 2575 • R1 - 2560
Support
• S1 - 1250 • S2 - 1225
Support
• S1 - 2528 • S2 - 2514
GUARGUM (JAN) Trend Strategy
• Consolidate • Buy on dips
GUARSEED (JAN JAN) Trend Strategy
Resistance
• R2 - 6500 • R1 - 6400
Resistance
Support
• S1 - 6200 • S2 - 6080
Support
JEERA (JAN) Trend Strategy
• Consolidate • Buy on dips
•Consolidate Consolidate •Buy Buy on dips • R2 - 2535 • R1 - 2510 • S1 - 2435 • S2 - 2400
MENTHA OIL (DEC DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 14350 •R1 - 14210
Resistance
• R2 - 1160 • R1 - 1135
Support
•S1 - 13900 •S2 - 13700
Support
• S1 - 1035 •S2 - 1000
MUSTARD SEED (JAN) Trend Strategy
• Consolidate • Sell on highs
PEPPER (JAN)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 577 •R1 - 573
Resistance
•R2 - 22700 •R1 - 22450
Support
•S1 - 566 •S2 - 562
Support
•S1 - 22050 •S2 - 21875
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SOYABEAN (JAN)) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (DEC) Trend Strategy
• Consolidate • Sell on highs
Resistance
•R2 - 2315 •R1 - 2305
Resistance
•R2 - 15220 •R1 - 14820
Support
•S1 - 2258 •S2 - 2240
Support
•S1 - 14100 •S2 - 13900
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