Daily Newsletter Newsletter-Agri Agri Commodity 10/08/2011
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MARKET WRAP Turmeric hits contract low on weak demand Soybean hits 3-week low Chana drops on profit booking Jeera extends downtrend on weak export demand Guar slumps on higher sowing Pepper rebounds on short covering Cardamom ended down on profit booking
Soybean prices are expected to trade range bound with weak sentiments due to favorable weather condition for crop and higher arrivals while weak international global cues will pressurize the prices further. Chana futures are likely to trade sideways due to weak domestic demand & profit booking. However, lower stocks of Chana in M.P. are likely to control prices from falling sharply. 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. Turmeric prices in the intraday may be sideways to bearish due to ample supplies and weaker demand outlook, though, lower area covered under turmeric is likely to support market sentiments. 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 - 800 • R1 - 785 • S1 - 740 • S2 - 720
Support
GUARGUM (AUG) Trend
• Consolidate • Sell on high
Strategy
CHANA (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 3040 • R1 - 2990
Support
• S1 - 2910 • S2 - 2870
GUARSEED (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 13600 • R1 - 13300
Resistance
• R2 - 4190 • R1 - 4130
Support
• S1 - 12750 • S2 - 12300
Support
• S1 - 4000 • S2 - 3930
JEERA (AUG) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 15100 • R1 - 14820
Resistance
• R2 - 1110 • R1 - 1115
Support
• S1 - 14400 • S2 - 14000
Support
• S1 - 1080 • S2 - 1055
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 - 2910 • R1 - 2880
Support
• S1 - 28250 • S2 - 27700
Support
• S1 - 2845 • S2 - 2825
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SOYABEAN (AUG)) Trend Strategy
• Consolidate • Sell on high
TURMERIC (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 2435 • R1 - 2410
Resistance
• R2 - 6600 • R1 - 6400
Support
• S1 - 2355 • S2 - 2330
Support
• S1 - 6050 • S2 - 5900
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