Daily Newsletter Newsletter-Agri Agri Commodity 28/04/2011
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MARKET WRAP Turmeric ends down on profit selling Jeera rises on limited stocks Pepper rebounds on firm demand Soya bean, soy oil falls tracking global market cues Chana remains steady Guar extends to nearly 2 month high Mentha oil declines on weak demand Cardamom slumps on fresh arrivals
Turmeric prices in the intraday will trade firm due to improved buying by the market participants. Stockiest at the market are not willing to offload their stocks at lower levels. Rising arrivals of Jeera at spot market amid peak arrivals season are keeping the prices under pressure. Export demand from gulf countries is also very poor which might weigh on sentiments. Overall trend of Pepper is bullish due to limited stocks and good demand at domestic and export front. Steady demand for soy meal in local market is likely to render support to the soybean market. Market talk of meal export enquiry from China is likely to lend support to the market. Guar price movement would be dependent on export demand as long as the monsoon forecast remains favorable. In the current crop season, export demand is the only factor which drives prices higher despite bumper crop. Arrivals of Chana are expected to be in full momentum during this month which would create good buying level at the physical markets. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (MAY) Trend Strategy Resistance
• Bearish • Sell on highs • R2 - 1040 • R1 - 1020 • S1 - 980 • S2 - 960
Support
GUARGUM (MAY) Trend
• Bullish • Buy on dips
Strategy
CHANA (MAY MAY) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 2345 • R1 - 2320
Support
• S1 - 2285 • S2 - 2265
GUARSEED (MAY MAY) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 9100 • R1 - 9000
Resistance
• R2 - 3200 • R1 - 3150
Support
• S1 - 9800 • S2 - 9600
Support
• S1 - 3080 • S2 - 3040
JEERA (MAY) Trend Strategy
• Consolidate • Sell on highs
MENTHA OIL (APR APR) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 15550 • R1 - 15300
Resistance
• R2 - 1100 • R1 - 1085
Support
• S1 - 14900 • S2 - 14600
Support
• S1 - 1060 • S2 - 1050
PEPPER (MAY) Trend Strategy
• Bullish • Buy on dips
REFINED SOY OIL (MAY MAY) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 29500 • R1 - 28900
Resistance
• R2 - 630 • R1 - 625
Support
• S1 - 28000 • S2 - 27500
Support
• S1 - 610 • S2 - 605
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SOYABEAN (MAY)) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (MAY MAY) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 2455 • R1 - 2435
Resistance
• R2 - 9200 • R1 - 9050
Support
• S1 - 2380 • S2 - 2355
Support
• S1 - 8760 • S2 - 8600
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