Daily Newsletter Newsletter-Agri Agri Commodity 03/05/2011
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MARKET WRAP Turmeric down on increased arrivals Jeera falls on arrivals Pepper down on profit taking Soy oil drops as global markets fall Chana remains steady Guar hits contract high on poor supply Mentha oil falls on weak industrial demand Cardamom drops on profit booking
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 - 1010 • R1 - 990 • S1 - 955 • S2 - 930
Support
GUARGUM (MAY) Trend
• Bullish • Buy on dips
Strategy
CHANA (MAY MAY) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 2360 • R1 - 2340
Support
• S1 - 2300 • S2 - 2275
GUARSEED (MAY MAY) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 9300 • R1 - 9150
Resistance
• R2 - 3260 • R1 - 3200
Support
• S1 - 8850 • S2 - 8660
Support
• S1 - 3100 • S2 - 3060
JEERA (MAY) Trend Strategy
• Consolidate • Sell on highs
MENTHA OIL (APR APR) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 15300 • R1 - 15100
Resistance
• R2 - 1075 • R1 - 1060
Support
• S1 - 14600 • S2 - 14400
Support
• S1 - 1030 • S2 - 1020
PEPPER (MAY) Trend Strategy
• Bullish • Buy on dips
REFINED SOY OIL (MAY MAY) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 29500 • R1 - 29250
Resistance
• R2 - 635 • R1 - 630
Support
• S1 - 28500 • S2 - 28050
Support
• S1 - 615 • S2 - 610
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SOYABEAN (MAY)) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (MAY MAY) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 2440 • R1 - 2415
Resistance
• R2 - 9050 • R1 - 8860
Support
• S1 - 2380 • S2 - 2355
Support
• S1 - 8600 • S2 - 8450
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