Daily Newsletter Newsletter-Agri Agri Commodity 28/07/2011
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MARKET WRAP Indian spices down on profit booking Chana edges higher on strong demand Jeera drops on higher arrivals Pepper plunges on long liquidation Oilseeds soy oil erase gains on weather Guar reverses early losses Mentha oil up on short covering
Weak production prospects of Chana in Canada are likely to have a positive impact over Indian market sentiments. The sowing progress of Kharif pulses has been good in Maharashtra, Madhya Pradesh and Rajasthan which might limit the gains. Soy oil futures declined substantially following the fall in soy bean. The increase in exports from Malaysia is raising concerns of higher imports during the month of July also which had negative impact on the prices. The fading demand from retail sector kept the prices bearish. Huge arrivals of Cardamom from fresh crop are likely to pressurize the prices. The Pepper prices of Indian origin are being quoted at higher levels, overseas buyers might stay away from Indian market thereby restricting major upside in the prices. Turmeric prices in the intraday may trade range bound to firm on account of improved buying at lower levels. Lower stocks of Guar seed as well as Guar gum as a result of robust export demand are also supporting bullish market sentiments. Guar complex may witness very volatile sessions in the coming days due to ongoing monsoon season. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (AUG) Trend Strategy Resistance
• Consolidate • Buy on dips • R2 - 885 • R1 - 865 • S1 - 825 • S2 - 810
Support
GUARGUM (AUG) Trend
• Bullish • Buy on dips
Strategy
CHANA (AUG AUG) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 3250 • R1 - 3190
Support
• S1 - 3105 • S2 - 3060
GUARSEED (AUG AUG) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 15840 • R1 - 15535
Resistance
• R2 - 4945 • R1 - 4810
Support
• S1 - 14730 • S2 - 14580
Support
• S1 - 4630 • S2 - 4580
JEERA (AUG) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (AUG AUG) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 16930 • R1 - 16550
Resistance
• R2 - 1135 • R1 - 1115
Support
• S1 - 15900 • S2 - 15650
Support
• S1 - 1075 • S2 - 1060
PEPPER (AUG) Trend Strategy
• Consolidate • Sell on high
MUSTARD SEED (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 30150 • R1 - 29800
Resistance
• R2 - 3000 • R1 - 2985
Support
• S1 - 28800 • S2 - 28450
Support
• S1 - 2925 • S2 - 2910
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SOYABEAN (AUG)) Trend Strategy
• Consolidate • Sell on high
TURMERIC (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 2490 • R1 - 2465
Resistance
• R2 - 7680 • R1 - 7540
Support
• S1 - 2410 • S2 - 2380
Support
• S1 - 7330 • S2 - 7190
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