Daily Newsletter-Agri Commodity 22/09/2011
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MARKET WRAP Turmeric ends up on fresh buying Pepper hits multi-year high Jeera up on fresh buying Guar gum & seed up on strong demand Mentha oil extends uptrend for 3rd day Chana ends down on profit booking RM Seed ends down on fresh selling Cardamom ends down on profit booking
Mentha oil is expected to trade sideways to positive due to storing demand outlook in the near term and fresh buying in the market while better demand from Pharmaceutical industry will also support the uptrend. Pepper is expected to trade sideways to positive due to strong demand in the markets amid tight supply from the fresh crop and fresh demand ahead of festival session will support the prices. Jeera is expected to trade sideways to positive due to expected rise in demand and lower arrivals in the market from fresh crop. Chana is expected to trade sideways to negative due to higher arrival in the market from fresh crop though amid ongoing festive session and lower production. 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 positive due to rise in domestic demand and lower supply from fresh crop will also support the prices. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (OCT) Trend Strategy Resistance
• Consolidate • Sell on high • R2 - 805 • R1 - 790 • S1 - 770 • S2 - 755
Support
GUARGUM (OCT) Trend
• Consolidate • Buy on dips
Strategy
CHANA (OCT) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 3740 • R1 - 3660
Support
• S1 - 3580 • S2 - 3510
GUARSEED (OCT) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 15200 • R1 - 14850
Resistance
• R2 - 4850 • R1 - 4750
Support
• S1 - 14500 • S2 - 14200
Support
• S1 - 4650 • S2 - 4550
JEERA (OCT) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (OCT) Trend
Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 16450 • R1 - 16150
Resistance
• R2 - 1415 • R1 - 1390
Support
• S1 - 15800 • S2 - 15500
Support
• S1 - 1360 • S2 - 1335
PEPPER (OCT) Trend Strategy
• Bullish • Buy on dips
MUSTARD SEED (OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 38000 • R1 - 37500
Resistance
• R2 - 3070 • R1 - 3010
Support
• S1 - 36700 • S2 - 36000
Support
• S1 - 2950 • S2 - 2790
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SOYABEAN (OCT) Trend Strategy
• Consolidate • Sell on high
TURMERIC (OCT) Trend Strategy
• Bearish • Sell on high
Resistance
• R2 - 2330 • R1 - 2290
Resistance
• R2 - 4950 • R1 - 4860
Support
• S1 - 2245 • S2 - 2205
Support
• S1 - 4760 • S2 - 4650
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