Daily Newsletter Newsletter-Agri Agri Commodity 11/08/2011
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MARKET WRAP Mentha oil rebounds on industrial demand Soy oil settles higher on positive global cues Pepper hits upper circuit Jeera extends downtrend on weak export demand Chana ends up on fresh buying Guar Gum and Seed hits upper circuit on fresh buying Turmeric hits contract low on higher sowing
Mentha oil in intraday may trade sideways to up on the back of short covering and industrial
demand
while
expected
rise
in
export
and
domestic
demand
from pharmaceutical Industries are likely to provide support to prices in the medium term. Soy oil gained today tracking global markets and on hopes of demand will be steady in the coming months for the upcoming festive seasons. Intraday trend for Soy oil would be sideways to up. Pepper prices in intraday are likely to trade sideways to up owing to lower arrivals and higher off-takes at mandis while buying at lower level will support the prices. Jeera is likely to trade up owing to fresh buying by the traders on the back of rising demand from the spot market. Decline in the arrivals are expected to provide support to the prices. There are reports that fresh export enquiries may be placed in the coming days. Turmeric prices hit contract low as concerns of higher sowing hits investor sentiments. Turmeric prices are expected to trade sideways to down though lower level short covering may support the prices. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (AUG) Trend Strategy Resistance
• Bearish • Sell on high • R2 - 785 • R1 - 765 • S1 - 740 • S2 - 720
Support
GUARGUM (AUG) Trend
• Consolidate • Sell on high
Strategy
CHANA (AUG AUG) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 3100 • R1 - 3045
Support
• S1 - 2950 • S2 - 2910
GUARSEED (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 13900 • R1 - 13720
Resistance
• R2 - 4450 • R1 - 4310
Support
• S1 - 13100 • S2 - 12800
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 - 15600 • R1 - 15300
Resistance
• R2 - 1175 • R1 - 1150
Support
• S1 - 14700 • S2 - 14300
Support
• S1 - 1110 • S2 - 1090
PEPPER (AUG) Trend Strategy
• Consolidate • Buy on dips
MUSTARD SEED (AUG AUG) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 30650 • R1 - 30150
Resistance
• R2 - 2940 • R1 - 2910
Support
• S1 - 29400 • S2 - 29100
Support
• S1 - 2860 • 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 - 2465 • R1 - 2435
Resistance
• R2 - 6600 • R1 - 6400
Support
• S1 - 2385 • S2 - 2370
Support
• S1 - 6050 • S2 - 5900
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