Daily Newsletter-Agri Commodity 08/09/2011
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MARKET WRAP Potato hits lower circuit on profit booking Mentha oil rebounds on fresh buying Pepper ends up with marginal gains Soybean ends flat, demand weakens Jeera ends up on fresh buying Guar seed & gum up on short covering Cardamom up on short covering Chana ends down on rising supply
Turmeric is expected to trade sideways to negative due to higher arrivals in the market and fresh selling due to subdued demand and sluggish demand outlook. Chana is expected to trade sideways to negative due to rising supply and subdued demand in the physical market. Also, profit booking at higher levels by speculators and rising supply from producing areas will cap its upside. Mentha oil is expected to trade sideways to positive due to fresh buying sentiment and strong demand outlook from Pharmaceutical companies in the near term. Though, its upside gains would be limited due to profit booking at higher levels. Jeera is expected to trade sideways to positive due to fresh buying at lower level and expected rise in export demand in near term. Pepper is expected to trade sideways to positive due to fresh buying at lower levels by traders & good demand outlook in near term due to ongoing festival season & expected further rise in domestic and international export demand will support the prices. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (SEP) Trend Strategy Resistance
• Consolidate • Sell on high • R2 - 720 • R1 - 700 • S1 - 685 • S2 - 670
Support
GUARGUM (SEP) Trend
• Consolidate • Sell on high
Strategy
CHANA (SEP) Trend
Strategy
• Bullish • Buy on dips
Resistance
• R2 - 3370 • R1 - 3330
Support
• S1 - 3260 • S2 - 3200
GUARSEED (SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 14500 • R1 - 14000
Resistance
• R2 - 4520 • R1 - 4440
Support
• S1 - 13500 • S2 - 13150
Support
• S1 - 4330 • S2 - 4270
JEERA (SEP) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (SEP) Trend
Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 16200 • R1 - 15750
Resistance
• R2 - 1260 • R1 - 1242
Support
• S1 - 15300 • S2 - 15000
Support
• S1 - 1215 • S2 - 1190
PEPPER (SEP) Trend Strategy
• Consolidate • Buy on dips
MUSTARD SEED (SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 34400 • R1 - 33600
Resistance
• R2 - 2960 • R1 - 2920
Support
• S1 - 32700 • S2 - 32100
Support
• S1 - 2880 • S2 - 2840
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SOYABEAN (SEP) Trend Strategy
• Consolidate • Sell on high
TURMERIC (SEP) Trend Strategy
• Bearish • Sell on high
Resistance
• R2 - 2450 • R1 - 2400
Resistance
• R2 - 5550 • R1 - 5410
Support
• S1 - 2350 • S2 - 2320
Support
• S1 - 5300 • S2 - 5250
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