Daily Newsletter Newsletter-Agri Agri Commodity 08/08/2011
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MARKET WRAP Cardamom slumps on higher stocks Turmeric hits contract low on ample stocks Jeera continues downtrend on profit booking Soy bean ends down on weather concerns Chana ends up marginally on short covering Guar seed hits lower circuit on sluggish demand Pepper ends in green on rising demand
Demand from the domestic buyers ahead of festivals might keep pepper prices sideways to up in the intraday. However, as the 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. Lower stocks of Chana with stockists are likely to support prices in the intraday to trade sideways to up. Reports of decline in the area sown under pulses till July 2011 are likely to support prices. Soy bean prices are likely to trade sideways to down due to weather concerns while global economic instability will keep pressure on prices. Turmeric prices in the intraday may trade bearish owing to lackluster trades at the domestic market coupled with sufficient supplies. Lower area covered under turmeric is likely to support market sentiments. Guar seed is expected to trade lower to sideways on the back of sluggish demand and profit booking due to adequate stock in the market.
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TECHNICAL VIEW CARDAMOM (AUG) Trend Strategy Resistance
• Bearish • Sell on high • R2 - 795 • R1 - 780 • S1 - 740 • S2 - 720
Support
GUARGUM (AUG) Trend
• Consolidate • Sell on high
Strategy
CHANA (AUG AUG) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 3150 • R1 - 3110
Support
• S1 - 3045 • S2 - 3000
GUARSEED (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 13950 • R1 - 13640
Resistance
• R2 - 4360 • R1 - 4270
Support
• S1 - 13030 • S2 - 12550
Support
• S1 - 4050 • S2 - 3940
JEERA (AUG) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (AUG AUG) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 15700 • R1 - 15500
Resistance
• R2 - 1190 • R1 - 1160
Support
• S1 - 15020 • S2 - 14800
Support
• S1 - 1130 • S2 - 1110
PEPPER (AUG) Trend Strategy
• Consolidate • Sell on high
MUSTARD SEED (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 29700 • R1 - 29300
Resistance
• R2 - 2960 • R1 - 2940
Support
• S1 - 28460 • S2 - 27900
Support
• S1 - 2885 • S2 - 2860
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SOYABEAN (AUG)) Trend Strategy
• Consolidate • Buy on dips
TURMERIC (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 2465 • R1 - 2440
Resistance
• R2 - 6950 • R1 - 6820
Support
• S1 - 2405 • S2 - 2380
Support
• S1 - 6520 • S2 - 6350
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