Daily Newsletter-Agri Commodity 02/09/2011
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MARKET WRAP Jeera declines on weak exports Pepper ends up on supply crunch Turmeric ends flat on negative bias Guar gum & seed hits lower circuit Mentha oil ends up on fresh buying Chana ends down on profit booking RM Seed ends down on weak exports Cardamom rebounds on short covering
Jeera is expected to trade sideways to negative due to poor export demand and domestic subdued demand that will keep prices under pressure coupled with higher arrivals in the market, though, fresh buying at lower levels could support the prices. Chana is expected to trade sideways to negative due to profit booking at higher levels, though, steady trend in physical market coupled with feeble sowing progress of kharif pulses will support the prices in the near term. Cardamom is expected to trade sideways to positive due to fresh positions at lower level for bargain buying and festive season demand will also support the prices. Pepper prices in intraday is expected to trade sideways to up due to strong fundamentals and expectation of rise in export and domestic demand, also, lower availability amidst better off takes & major pepper producing regions have reported lower stocks that could further extend it uptrend in the near term. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (SEP) Trend Strategy Resistance
• Consolidate • Sell on high • R2 - 760 • R1 - 740 • S1 -710 • S2 - 680
Support
GUARGUM (SEP) Trend
• Consolidate • Sell on high
Strategy
CHANA (SEP) Trend
Strategy
• Bullish • Buy on dips
Resistance
• R2 - 3360 • R1 - 3320
Support
• S1 - 3235 • S2 -3190
GUARSEED (SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 14700 • R1 - 14400
Resistance
• R2 - 4450 • R1 - 4390
Support
• S1 - 13800 • S2 - 13200
Support
• S1 - 4280 • S2 - 4200
JEERA (SEP) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (SEP) Trend
Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 16200 • R1 - 15800
Resistance
• R2 - 1190 • R1 - 1160
Support
• S1 - 15490 • S2 - 15100
Support
• S1 - 1130 • S2 - 1090
PEPPER (SEP) Trend Strategy
• Bullish • Buy on dips
MUSTARD SEED (SEP) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 34600 • R1 - 34000
Resistance
• R2 - 3030 • R1 - 2970
Support
• S1 - 32900 • S2 - 32300
Support
• S1 - 2920 • S2 - 2880
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SOYABEAN (SEP) Trend Strategy
• Consolidate • Sell on high
TURMERIC (SEP) Trend Strategy
• Bearish • Sell on high
Resistance
• R2 - 2450 • R1 - 2425
Resistance
• R2 - 6000 • R1 - 5900
Support
• S1 - 2375 • S2 - 2350
Support
• S1 - 5600 • S2 - 5450
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