Daily Newsletter Newsletter-Agri Agri Commodity 29/07/2011
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MARKET WRAP Chana edges down on lower demand Jeera down on profit sales Pepper down on low demand Oilseeds, soy oil extend losses on good weather Guar drops on higher stocks Mentha oil up on short covering
Soy oil futures prices might continue the losses at the Indian commodity bourses owing to the higher production estimates of the palm oil in Indonesia and Malaysia. Market might be driven by concerns of likely decline in bio diesel production in Indonesia. Soybean futures might retain decline owing to the recovery in weather in U.S and good sowing prospects in India. Traders are liquidating both loosing short positions & closing winning long positions in Cardamom so a higher probability is, the market is set to retrace in price lower. 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. Huge arrivals of Cardamom from fresh crop are likely to pressurize the prices. Turmeric prices in the intraday may trade range bound to firm on account of improved buying at lower levels. Price trend in the short term is likely to depend on distribution of rainfall in the growing areas and demand for the spice from domestic and overseas buyers. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (AUG) Trend Strategy Resistance
• Consolidate • Buy on dips • R2 - 890 • R1 - 870 • S1 - 835 • S2 - 815
Support
GUARGUM (AUG) Trend
• Bullish • Buy on dips
Strategy
CHANA (AUG AUG) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 3155 • R1 - 3120
Support
• S1 - 3030 • S2 - 2990
GUARSEED (AUG AUG) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 15100 • R1 - 14750
Resistance
• R2 - 4720 • R1 - 4630
Support
• S1 - 14200 • S2 - 13940
Support
• S1 - 4440 • S2 - 4355
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 - 1155 • R1 - 1135
Support
• S1 - 15500 • S2 - 15300
Support
• S1 - 1090 • S2 - 1070
PEPPER (AUG) Trend Strategy
• Consolidate • Sell on high
MUSTARD SEED (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 29800 • R1 - 29300
Resistance
• R2 - 2990 • R1 - 2970
Support
• S1 - 28450 • S2 - 28000
Support
• S1 - 2910 • S2 - 2895
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SOYABEAN (AUG)) Trend Strategy
• Consolidate • Sell on high
TURMERIC (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 2450 • R1 - 2425
Resistance
• R2 - 7680 • R1 - 7540
Support
• S1 - 2380 • S2 - 2360
Support
• S1 - 7150 • S2 - 7050
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