Daily Newsletter-Agri Commodity 30/09/2011
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MARKET WRAP Chana ends down on lower circuit Jeera ends down on fresh selling Cardamom ends down on demand concern Pepper ends down on profit booking Mentha oil extends uptrend RM Seed ends down on fresh selling Turmeric ends flat Guar gum & seed ends marginally down
Mentha oil is expected to trade sideways to positive due to strong demand outlook in near term and fresh buying in the market while better demand from Pharmaceutical Industry will also support the uptrend. Guar gum and seed expected to trade sideways to negative due to weak demand in the market while low production and short supply in future will support the price on lower level. Cardamom is expected to trade sideways to negative due to sluggish demand outlook amid higher arrival in the market also fresh selling can pressurize prices further. Turmeric is expected trade sideways to negative due to subdued demand in the domestic market, weak outlook and news of higher arrival will pressurize the prices. Jeera is likely to trade sideways to negative due to overall downward trend and fresh selling while higher arrivals in the market from fresh crop will also keep downward momentum in the prices.
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TECHNICAL VIEW CARDAMOM (OCT) Trend Strategy Resistance
• Consolidate • Sell on high • R2 - 722 • R1 - 707 • S1 - 691 • S2 - 675
Support
GUARGUM (OCT) Trend
• Consolidate • Sell on high
Strategy
CHANA (OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 3495 • R1 - 3425
Support
• S1 - 3355 • S2 - 3290
GUARSEED (OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 14900 • R1 - 14600
Resistance
• R2 - 4750 • R1 - 4660
Support
• S1 - 14550 • S2 - 14250
Support
• S1 - 4565 • S2 - 4475
JEERA (OCT) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (OCT) Trend
Strategy
• Bullish • Buy on dips
Resistance
• R2 - 15500 • R1 - 15200
Resistance
• R2 - 1470 • R1 - 1440
Support
• S1 - 14850 • S2 - 14550
Support
• S1 - 1410 • S2 - 1380
PEPPER (OCT) Trend Strategy
• Consolidate • Sell on high
MUSTARD SEED (OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 36450 • R1 - 35750
Resistance
• R2 - 2950 • R1 - 2890
Support
• S1 - 35000 • S2 - 34300
Support
• S1 - 2830 • S2 - 2770
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SOYABEAN (OCT) Trend Strategy
• Consolidate • Sell on high
TURMERIC (OCT) Trend Strategy
• Bearish • Sell on high
Resistance
• R2 - 2185 • R1 - 2145
Resistance
• R2 - 4725 • R1 - 4635
Support
• S1 - 2105 • S2 - 2065
Support
• S1 - 4545 • S2 - 4455
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