Daily Newsletter-Agri Commodity 19/09/2011
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MARKET WRAP Jeera ends up on fresh buying Pepper hits multi-year high Turmeric ends up on short covering Guar gum & seed up on fresh buying Mentha oil ends down on profit booking Chana ends up on fresh buying RM Seed ends up on short covering Cardamom up on short covering
Jeera is expected to trade sideways to positive due to strong domestic demand and a possibility of delayed arrivals with higher export demand in the market while ongoing festive season will support the price on lower levels. Chana is expected to trade sideways to positive due to delay arrivals from fresh crop and rise in domestic demand ahead of festivals. Cardamom is expected to trade sideways to positive due to short covering on the back of expected rise in demand in the market though prices can see selling at higher level. Pepper is expected to trade sideways to positive due to thin supply and rise in export and domestic demand; also, lower availability amidst better off takes will support prices on lower level. Turmeric is expected trade sideways to positive due to short covering and expected rise in demand in the near term though any news of higher arrivals can dampen the prices and see fresh selling.
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TECHNICAL VIEW CARDAMOM (OCT) Trend Strategy Resistance
• Consolidate • Sell on high • R2 - 770 • R1 - 760 • S1 - 740 • S2 - 725
Support
GUARGUM (OCT) Trend
• Consolidate • Sell on high
Strategy
CHANA (OCT) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 3660 • R1 - 3615
Support
• S1 - 3550 • S2 - 3490
GUARSEED (OCT) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 14200 • R1 - 14030
Resistance
• R2 - 4640 • R1 - 4590
Support
• S1 - 13750 • S2 - 13600
Support
• S1 - 4500 • S2 - 4450
JEERA (OCT) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (OCT) Trend
Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 16000 • R1 - 15800
Resistance
• R2 - 1310 • R1 - 1290
Support
• S1 - 15550 • S2 - 15400
Support
• S1 - 1265 • S2 - 1250
PEPPER (OCT) Trend Strategy
• Bullish • Buy on dips
MUSTARD SEED (OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 36500 • R1 - 36000
Resistance
• R2 - 3030 • R1 - 2970
Support
• S1 - 35200 • S2 - 34700
Support
• S1 - 2920 • S2 - 2880
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SOYABEAN (OCT) Trend Strategy
• Consolidate • Sell on high
TURMERIC (OCT) Trend Strategy
• Bearish • Sell on high
Resistance
• R2 - 2315 • R1 - 2290
Resistance
• R2 - 4850 • R1 - 4720
Support
• S1 - 2250 • S2 - 2225
Support
• S1 - 4620 • S2 - 4530
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