Daily Newsletter Newsletter-Agri Agri Commodity 11/05/2011
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MARKET WRAP Chana up on local buying Jeera up on bargain buying Pepper hits contract high Soybean, Soy oil extend gains on global markets Guar hits contract high Mentha oil weakens on profit booking Cardamom surges on weak arrivals Turmeric falls on profit booking
Turmeric price trend in the short term (till May) are likely to depend on the arrivals and demand from the overseas and domestic buyers. Jeera prices in the intraday will trade sideways due to lackluster trades at the domestic market. Arrivals in the market have started to decline gradually due to ending season. Lower supplies both in the domestic as well as in the international coupled with hoarding of Pepper by the Vietnam farmers will support pepper prices in the short term. Oilseed complex are expected to trade lower due to weak global market sentiments as concern of palm oil supply and subdued demand in physical market. The concerns about the shift in acreage from the guar to cotton in the irrigated guar producing belt are supportive for the prices. Guar futures are likely to trade firm owing to demand from the overseas buyers. Chana prices might decline initially on the reports of timely withdrawal of monsoon which would boost the output of Pulses. www.capitalheight.com capitalheight.wordpress.com
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TECHNICAL VIEW CARDAMOM (MAY) Trend Strategy Resistance
• Consolidate • Sell on highs • R2 - 975 • R1 - 955 • S1 - 905 • S2 - 885
Support
GUARGUM (MAY) Trend
• Bullish • Buy on dips
Strategy
CHANA (MAY MAY) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 2355 • R1 - 2330
Support
• S1 - 2285 • S2 - 2265
GUARSEED (MAY MAY) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 9750 • R1 - 9670
Resistance
• R2 - 3300 • R1 - 3245
Support
• S1 - 9350 • S2 - 9200
Support
• S1 - 3160 • S2 - 3100
JEERA (MAY) Trend Strategy
• Consolidate • Sell on highs
MENTHA OIL (APR APR) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 14760 • R1 - 14600
Resistance
• R2 - 955 • R1 - 935
Support
• S1 - 14250 • S2 - 13900
Support
• S1 - 900 • S2 - 885
PEPPER (MAY) Trend Strategy
• Bullish • Buy on dips
REFINED SOY OIL (MAY MAY) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 31000 • R1 - 30600
Resistance
• R2 - 630 • R1 - 625
Support
• S1 - 29500 • S2 - 29000
Support
• S1 - 610 • S2 - 605
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SOYABEAN (MAY)) Trend Strategy
• Bearish • Sell on highs
TURMERIC (MAY MAY) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 2385 • R1 - 2350
Resistance
• R2 - 8650 • R1 - 8500
Support
• S1 - 2300 • S2 - 2280
Support
• S1 - 8250 • S2 - 8050
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