Daily Newsletter Newsletter-Agri Agri Commodity 16/05/2011
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MARKET WRAP Chana up on lower supply Jeera up on bargain buying Pepper futures end up on poor supply Soybean, Soy oil rebounds on global markets Guar up on demand Mentha oil weakens on profit booking Cardamom plunges on fresh arrivals Turmeric ends up on value buying
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. Delayed planting of soybean due to Mississippi river flood provided support to the bulls. Improved demand in physical market as marriage season demand also added bullish market sentiments. Guar price movement would be dependent on export demand as long as the monsoon forecast remains favorable. Exports would continue to remain firm owing to an increase in demand from the oil sector. 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 (JUNE) Trend Strategy Resistance
• Consolidate • Sell on highs • R2 - 970 • R1 - 950 • S1 - 905 • S2 - 885
Support
GUARGUM (JUNE) Trend
• Bullish • Buy on dips
Strategy
CHANA (JUNE JUNE) Trend Strategy
• Consolidate • Sell on highs
Resistance
• R2 - 2495 • R1 - 2475
Support
• S1 - 2425 • S2 - 2400
GUARSEED (JUNE JUNE) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 10500 • R1 - 10300
Resistance
• R2 - 3350 • R1 - 3310
Support
• S1 - 9950 • S2 - 9800
Support
• S1 - 3255 • S2 - 3200
JEERA (JUNE) Trend Strategy
• Consolidate • Sell on highs
MENTHA OIL (JUNE JUNE) Trend Strategy
• Bearish • Sell on highs
Resistance
• R2 - 15250 • R1 - 15100
Resistance
• R2 - 915 • R1 - 905
Support
• S1 - 14650 • S2 - 14500
Support
• S1 - 875 • S2 - 860
PEPPER (JUNE) Trend Strategy
• Bullish • Buy on dips
REFINED SOY OIL (JUNE JUNE) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 31000 • R1 - 30500
Resistance
• R2 - 640 • R1 - 635
Support
• S1 - 29700 • S2 - 29000
Support
• S1 - 625 • S2 - 620
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SOYABEAN (JUNE)) Trend Strategy
• Consolidate • Sell on highs
TURMERIC (JUNE JUNE) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 2430 • R1 - 2400
Resistance
• R2 - 8720 • R1 - 8550
Support
• S1 - 2340 • S2 - 2320
Support
• S1 - 8300 • S2 - 8200
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