Daily Newsletter-Agri Commodity 04/10/2011
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MARKET WRAP Pepper up on strong demand Guar gum & seed up on short covering Turmeric hits upper circuit Mentha oil up on short covering Cardamom ends down on profit booking Chana up on short covering Jeera ends up on short covering demand RM Seed ends up on festive season
Turmeric is expected trade sideways to positive due to expected rise in demand on the back of ongoing festival in domestic market though any news from higher arrival will pressurize the prices on higher level. Jeera is likely to trade sideways to positive due to expected rise in domestic demand amid lower arrivals from fresh crop though pries will take cues from domestic and export demand. Guar gum and seed expected to trade sideways to positive due to back on domestic and export demand in the market amid ongoing festival season will support the price on lower level. Mentha oil is expected to trade sideways to positive due to strong demand from Pharmaceutical Industry and expected rise in export domestic demand in the near future. Cardamom is expected to trade sideways to negative due to sluggish demand outlook in the market amid higher arrival from fresh crop while short covering at lower level may support prices.
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TECHNICAL VIEW CARDAMOM (OCT) Trend Strategy Resistance
• Consolidate • Sell on high • R2 - 728 • R1 - 712 • S1 - 698 • S2 - 684
Support
GUARGUM (OCT) Trend
• Consolidate • Sell on high
Strategy
CHANA (OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 3280 • R1 - 3220
Support
• S1 - 3155 • S2 - 3090
GUARSEED (OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 13900 • R1 - 13625
Resistance
• R2 - 4460 • R1 - 4370
Support
• S1 - 13355 • S2 - 13100
Support
• S1 - 4290 • S2 - 4100
JEERA (OCT) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (OCT) Trend
Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 15250 • R1 - 14900
Resistance
• R2 - 1395 • R1 - 1370
Support
• S1 - 14600 • S2 - 14300
Support
• S1 - 1345 • S2 - 1320
PEPPER (OCT) Trend Strategy
• Consolidate • Sell on high
MUSTARD SEED (OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 36700 • R1 - 36000
Resistance
• R2 - 2855 • R1 - 2795
Support
• S1 - 35250 • S2 - 34550
Support
• S1 - 2735 • S2 - 2705
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SOYABEAN (OCT) Trend Strategy
• Consolidate • Sell on high
TURMERIC (OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 2175 • R1 - 2135
Resistance
• R2 - 4990 • R1 - 4900
Support
• S1 - 2095 • S2 - 2055
Support
• S1 - 4800 • S2 - 4810
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