Daily Newsletter Newsletter-Agri Agri Commodity 09/08/2011
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MARKET WRAP Cardamom up on short covering, hit 4% circuit Chana remains lower on profit booking Jeera extend downtrend on weak export demand Soybean settles down on higher output Turmeric hits lower circuit on sluggish demand Guar slumps on higher sowing Pepper drops on profit booking
Turmeric prices in the intraday may trade bearish owing to lackluster trades at the domestic market coupled with sufficient supplies. Lower area covered under turmeric is likely to support market sentiments. Sharp fall in Jeera prices is likely to make buyers follow wait and watch stance. Prices may thus trade sideways in the intraday. Any fresh enquires from the local stockists and overseas buyers might support prices. Tumbling crude oil prices is affecting the market sentiments of the edible oil complex resulting in negative trend in prices. Soybean prices are expected to trade range bound with weak sentiments due to favorable weather condition for crop. Chana futures are likely to trade sideways due to weak domestic demand. However, lower stocks of Chana in M.P. are likely to control prices from falling sharply. Guar futures in the coming week may witness bearish trend owing to better rains in the guar growing belt leading to improved sowing activity. However, low stocks of Guar gum may restrict prices from falling sharply. Price trend till October may remain bullish on lower stocks amidst higher export demand. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (AUG) Trend Strategy Resistance
• Bearish • Sell on high • R2 - 825 • R1 - 810 • S1 - 775 • S2 - 760
Support
GUARGUM (AUG) Trend
• Consolidate • Sell on high
Strategy
CHANA (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 3150 • R1 - 3115
Support
• S1 - 3060 • S2 - 3030
GUARSEED (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 13900 • R1 - 13550
Resistance
• R2 - 4325 • R1 - 4250
Support
• S1 - 13000 • S2 - 12700
Support
• S1 - 4065 • S2 - 3990
JEERA (AUG) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 15500 • R1 - 15300
Resistance
• R2 - 1150 • R1 - 1130
Support
• S1 - 14750 • S2 - 14400
Support
• S1 - 1090 • S2 - 1065
PEPPER (AUG) Trend Strategy
• Consolidate • Sell on high
MUSTARD SEED (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 29400 • R1 - 29000
Resistance
• R2 - 2940 • R1 - 2925
Support
• S1 - 28250 • S2 - 27700
Support
• S1 - 2885 • S2 - 2860
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SOYABEAN (AUG)) Trend Strategy
• Consolidate • Sell on high
TURMERIC (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 2455 • R1 - 2435
Resistance
• R2 - 6778 • R1 - 6630
Support
• S1 - 2375 • S2 - 2355
Support
• S1 - 6388 • S2 - 6258
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