Daily Newsletter Newsletter-Agri Agri Commodity 30/04/2011
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MARKET WRAP Turmeric down on increased arrivals Jeera up on export queries Pepper up on supply crunch Soy oil drops on higher edible oil supply Chana edges up Guar up over 1% on lower level demand Mentha oil remains down on profit booking Cardamom rises on short covering
Reduced demand of Turmeric is expected to pressurize the prices. However, stable arrivals at spot might limit the sharp losses. Jeera futures are expected to extend the bearish trend in coming week on strong selling pressure. Rising arrivals at spot market might pressurize the prices. Pepper futures are expected to witness corrections on profit selling as prices are trading at all time high levels. Overall fundamentals of tight supply situation amid reduced production might support the prices at spot market. Domestic traders and investors are likely to buy soybean futures on expectation of revival in demand for the produce. 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 - 1020 • R1 - 1000 • S1 - 955 • S2 - 940
Support
GUARGUM (MAY) Trend
• Bullish • Buy on dips
Strategy
CHANA (MAY MAY) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 2385 • R1 - 2355
Support
• S1 - 2300 • S2 - 2275
GUARSEED (MAY MAY) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 9100 • R1 - 8900
Resistance
• R2 - 3170 • R1 - 3120
Support
• S1 - 8700 • S2 - 8550
Support
• S1 - 3035 • S2 - 2990
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 - 1080 • R1 - 1065
Support
• S1 - 14930 • S2 - 14700
Support
• S1 - 1043 • S2 - 1030
PEPPER (MAY) Trend Strategy
• Consolidate • 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 - 28200 • S2 - 28000
Support
• S1 - 612 • S2 - 606
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SOYABEAN (MAY)) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (MAY MAY) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 2450 • R1 - 2415
Resistance
• R2 - 9200 • R1 - 9050
Support
• S1 - 2380 • S2 - 2350
Support
• S1 - 8800 • S2 - 8600
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