Daily Newsletter-Agri Commodity 15/10/2011
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MARKET WRAP Chana ends down, hits lower circuit Jeera ends down on weak demand Guar gum & seed ends down on fresh selling RM Seed up on fresh buying Mentha oil ends flat Turmeric ends down on profit booking Pepper up on festive demand Cardamom ends marginally down with negative bias
Chana is expected to trade negative due to sluggish demand in the market amid expectation of fall in production is likely to support the price in near term. Jeera is likely to trade sideways to negative due to back on subdued domestic as well as export demand amid expectation of low export will pressurize the price on higher level. Pepper is expected to trade sideways to positive due to thin supply in the market and expectation of lower stock availability, lower global production and rising export demand keep the momentum uptrend. Turmeric is expected trade sideways to negative due to subdued domestic and export demand in the market and higher arrival from fresh crop and subdued local demand will pressurize the price in near term. Guar seed is expected to trade negative due to slumps on weak exports however, with a fall in production and expectation of rising export demand will support the price in medium term.
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TECHNICAL VIEW CARDAMOM (OCT) Trend Strategy Resistance
• Consolidate • Sell on high • R2 - 679 • R1 - 665 • S1 - 651 • S2 - 637
Support
GUARGUM (OCT) Trend
• Consolidate • Buy on dips
Strategy
CHANA (OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 3060 • R1 - 3000
Support
• S1 - 2940 • S2 - 2880
GUARSEED (OCT) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 13480 • R1 - 13220
Resistance
• R2 - 4750 • R1 - 4660
Support
• S1 - 12960 • S2 - 12700
Support
• S1 - 4570 • S2 - 4460
JEERA (OCT) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (OCT) Trend
Strategy
• Bullish • Buy on dips
Resistance
• R2 - 14865 • R1 - 14575
Resistance
• R2 - 1370 • R1 - 1344
Support
• S1 - 14285 • S2 - 13995
Support
• S1 - 1318 • S2 - 1292
PEPPER (OCT) Trend Strategy
• Consolidate • Buy on dips
MUSTARD SEED (OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 37635 • R1 - 36940
Resistance
• R2 - 2895 • R1 - 2845
Support
• S1 - 36210 • S2 - 35515
Support
• S1 - 2785 • S2 - 2735
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SOYABEAN (OCT) Trend Strategy
• Consolidate • Sell on high
TURMERIC (OCT) Trend Strategy
• Bearish • Sell on high
Resistance
• R2 - 2200 • R1 - 2160
Resistance
• R2 - 5550 • R1 - 5455
Support
• S1 - 2120 • S2 - 2080
Support
• S1 - 5345 • S2 - 5240
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