Daily Newsletter Newsletter-Agri Agri Commodity 23/07/2011
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MARKET WRAP Chana up on demand Jeera trades higher on export demand Pepper surges on speculative buying Soybean rises on strong spot demand Guar hits contract high on poor stocks Turmeric regains on bargain buying Mentha oil falls on profit booking
Soy oil prices at Indian commodity bourses are likely to resume down trend on the supply glut situations across domestic markets. Declining retail demand for edible oil is impacting the prices majorly. Price trend of Turmeric is likely to depend on distribution of rainfall in the growing areas and demand for the spice from domestic and overseas buyers. As the pepper prices in the international market of all regions are at same levels there is likelihood that overseas buyers might place fresh orders in the domestic market in the short term. Jeera prices in the intraday are likely to trade firm due to fresh export enquiries from overseas buyers particularly China. Chana futures are likely to trade firm owing to improved demand from local buyers amidst reduced arrivals in the domestic. The Cardamom August futures are expected to continue to trade up on fresh buying. Export demand from gulf is expected to support the prices. Guar futures may trade firm owing to robust export demand. However, good rainfall in the major guar growing districts of Rajasthan in coming days might cap the gains in the short term. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (AUG) Trend Strategy Resistance
• Consolidate • Buy on dips • R2 - 890 • R1 - 880 • S1 - 845 • S2 - 830
Support
GUARGUM (AUG) Trend
• Bullish • Buy on dips
Strategy
CHANA (AUG AUG) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 3100 • R1 - 3060
Support
• S1 - 3000 • S2 - 2975
GUARSEED (AUG AUG) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 14500 • R1 - 14300
Resistance
• R2 - 4650 • R1 - 4580
Support
• S1 - 14000 • S2 - 13750
Support
• S1 - 4435 • S2 - 4400
JEERA (AUG) Trend Strategy
• Bullish • Buy on dips
MENTHA OIL (JULY JULY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 17000 • R1 - 16600
Resistance
• R2 - 1165 • R1 - 1145
Support
• S1 - 15950 • S2 - 15700
Support
• S1 - 1105 • S2 - 1085
PEPPER (AUG) Trend Strategy
• Bullish • Buy on dips
MUSTARD SEED (AUG AUG) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 30700 • R1 - 29550
Resistance
• R2 - 3040 • R1 - 3020
Support
• S1 - 28850 • S2 - 28450
Support
• S1 - 2980 • S2 - 2960
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SOYABEAN (AUG)) Trend Strategy
• Consolidate • Buy on dips
TURMERIC (AUG AUG) Trend Strategy
• Bearish • Sell on high
Resistance
• R2 - 2465 • R1 - 2450
Resistance
• R2 - 7450 • R1 - 7300
Support
• S1 - 2400 • S2 - 2375
Support
• S1 - 7000 • S2 - 6850
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