Daily Newsletter-Agri Commodity 10/10/2011
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MARKET WRAP Turmeric ends up, hits upper circuit Jeera ends down on sluggish demand Pepper up on strong demand Mentha oil ends marginally up Chana up on short covering Guar gum & seed ends down on fresh selling Cardamom ends down on weak demand RM Seed ends down on profit booking
Cardamom is expected to trade sideways to negative due to weak demand in the market and any news on higher level will keep the momentum downward. Pepper is expected to trade sideways to positive due to strong domestic and export demand amid limited stock from producing region will support the price on lower levels as well. Turmeric is expected trade sideways to positive due to strong domestic demand and export demand and lower arrival in the market amid ongoing festival season will support the price. Mentha oil is expected to trade sideways to positive due to strong demand from Pharmaceutical industry; also, lower production estimate in the near term will support the price on lower level and keep its uptrend firm. Jeera is likely to trade sideways to negative due to subdued demand in the market while estimates of higher production is likely to cap its upside gains.
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TECHNICAL VIEW CARDAMOM (OCT) Trend Strategy Resistance
• Consolidate • Sell on high • R2 - 717 • R1 - 703 • S1 - 689 • S2 - 675
Support
GUARGUM (OCT) Trend
• Consolidate • Sell on high
Strategy
CHANA (OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 3090 • R1 - 3030
Support
• S1 - 2970 • S2 - 2910
GUARSEED (OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 13300 • R1 - 13050
Resistance
• R2 - 4530 • R1 - 4440
Support
• S1 - 12750 • S2 - 12500
Support
• S1 - 4350 • S2 - 4260
JEERA (OCT) Trend Strategy
• Consolidate • Sell on high
MENTHA OIL (OCT) Trend
Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 15050 • R1 - 14800
Resistance
• R2 - 1375 • R1 - 1350
Support
• S1 - 14450 • S2 - 14200
Support
• S1 - 1325 • S2 - 1295
PEPPER (OCT) Trend Strategy
• Consolidate • Buy on dips
MUSTARD SEED (OCT) Trend Strategy
• Consolidate • Sell on high
Resistance
• R2 - 37150 • R1 - 36450
Resistance
• R2 - 2825 • R1 - 2770
Support
• S1 - 35700 • S2 - 35050
Support
• S1 - 2710 • S2 - 2655
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SOYABEAN (OCT) Trend Strategy
• Consolidate • Sell on high
TURMERIC (OCT) Trend Strategy
• Bearish • Sell on high
Resistance
• R2 - 2095 • R1 - 2055
Resistance
• R2 - 5370 • R1 - 5270
Support
• S1 - 2015 • S2 - 1975
Support
• S1 - 5175 • S2 - 5075
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