Daily Newsletter Newsletter-Agri Agri Commodity 09/05/2011
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MARKET WRAP Chana continues downtrend on arrival pressure Jeera declines on weak export demand Pepper rises up on short covering Soy oil plunges on active selling Guar falls on profit booking Mentha oil lackluster on rising arrivals Cardamom plunges further on fresh arrivals Turmeric drops on extended selling
The increase in the prices while the volume and open interest are decreasing might keep the prices bearish. Chana basis is also positive which is expected to continue. Subdued export demand for India Jeera weigh on prices. However, arrivals at spot market of Unjha are declining continuously and further fall in arrivals might support the prices to bounce back during later. Pepper prices will depend on demand from the overseas and domestic buyers. Prices will also take cues from stocks of pepper with the major producers, pepper prices in the international market of various origins. The refined soy oil extended its bearish trend on extended selling pressure. Indian market came under the influence of weak international market. Turmeric prices in the short term are likely to depend on the arrivals and demand from the overseas and domestic buyers.
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TECHNICAL VIEW CARDAMOM (MAY) Trend Strategy Resistance
• Bearish • Sell on highs • R2 - 950 • R1 - 920 • S1 - 860 • S2 - 830
Support
GUARGUM (MAY) Trend
• Bullish • Buy on dips
Strategy
CHANA (MAY MAY) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 2400 • R1 - 2360
Support
• S1 - 2300 • S2 - 2270
GUARSEED (MAY MAY) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 9500 • R1 - 9350
Resistance
• R2 - 3250 • R1 - 3215
Support
• S1 - 9050 • S2 - 8900
Support
• S1 - 3115 • S2 - 3080
JEERA (MAY) Trend Strategy
• Consolidate • Sell on highs
MENTHA OIL (APR APR) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 15260 • R1 - 14820
Resistance
• R2 - 1000 • R1 - 980
Support
• S1 - 14250 • S2 - 13750
Support
• S1 - 935 • S2 - 915
PEPPER (MAY) Trend Strategy
• Consolidate • Sell on highs
REFINED SOY OIL (MAY MAY) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 29500 • R1 - 29200
Resistance
• R2 - 620 • R1 - 615
Support
• S1 - 28250 • S2 - 27500
Support
• S1 - 603 • S2 - 590
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SOYABEAN (MAY)) Trend Strategy
• Bearish • Sell on highs
TURMERIC (MAY MAY) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 2380 • R1 - 2350
Resistance
• R2 - 8750 • R1 - 8600
Support
• S1 - 2250 • S2 - 2225
Support
• S1 - 8270 • S2 - 8100
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