Daily Newsletter-Agri Commodity 12/09/2011
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MARKET WRAP Chana ends down on profit booking Jeera extends downtrend Turmeric nears 5k, demand weakens Mentha oil extends downtrend Guar gum & seed extends downtrend Pepper ends down on profit booking Cardamom hits new contract low Soy bean extends uptrend
Jeera is likely to trade sideways to negative due to overall downward trend and profit booking at high levels & higher arrivals in the market from fresh will also pressurize the price while expected rise in demand will support the prices on the lower levels. Cardamom is expected to trade sideways to negative due to higher arrivals in the market from fresh crop amid subdued demand & sluggish outlook. An expected rise in demand due to festivals may support prices to witness short covering. Mentha oil is likely to trade sideways to negative due to profit booking at higher levels & an overdue correction while higher arrivals will also pressurize the prices. Pepper is expected to trade sideways to negative due to profit booking at higher levels by traders & overdue correction while expected rise in demand will support the prices. Turmeric is expected to trade sideways to negative due to sluggish demand in the near term and higher arrivals.
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TECHNICAL VIEW CARDAMOM (SEP) Trend Strategy Resistance
• Consolidate • Sell on high • R2 - 700 • R1 - 680 • S1 - 665 • S2 - 650
Support
GUARGUM (SEP) Trend
• Consolidate • Sell on high
Strategy
CHANA (SEP) Trend
Strategy
• Bullish • Buy on dips
Resistance
• R2 - 3420 • R1 - 3260
Support
• S1 - 3290 • S2 -3215
GUARSEED (SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 14150 • R1 - 13800
Resistance
• R2 - 4500 • R1 - 4440
Support
• S1 - 13400 • S2 - 13000
Support
• S1 - 4330 • S2 - 4250
JEERA (SEP) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (SEP) Trend
Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 15900 • R1 - 15500
Resistance
• R2 - 1265 • R1 - 1250
Support
• S1 - 15200 • S2 - 14900
Support
• S1 - 1230 • S2 - 1210
PEPPER (SEP) Trend Strategy
• Consolidate • Buy on dips
MUSTARD SEED (SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 34600 • R1 - 33600
Resistance
• R2 - 2950 • R1 - 2920
Support
• S1 - 32900 • S2 - 32300
Support
• S1 - 2870 • S2 - 2850
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SOYABEAN (SEP) Trend Strategy
• Consolidate • Sell on high
TURMERIC (SEP) Trend Strategy
• Bearish • Sell on high
Resistance
• R2 - 2450 • R1 - 2420
Resistance
• R2 - 5250 • R1 - 5150
Support
• S1 - 2395 • S2 - 2360
Support
• S1 - 4950 • S2 - 4800
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