Weekly Newsletter-Agri Commodity 12/03/2012
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Weekly News Letter-Agri Contents Market Wrap Chana Jeera Pepper Turmeric Technical Analysis Chana Jeera Pepper Soybean
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MARKET WRAP CHANA Chana continued to be shredding upside gains on the back of profit booking at higher levels and lack of domestic cues. Chana ended down due to profit booking on the back of higher arrivals in the major domestic market though any news of lower arrival will support prices at lower levels.
JEERA Jeera ended down for fourth consecutive week shredding 2.9% on the back of subdued demand outlook in the domestic market. Jeera prices will remain under pressure as sowing in major producing regions like Gujarat was up by almost 50% though there can be short covering at lower levels in coming trading sessions.
PEPPER Pepper ended up for fourth consecutive week adding 5.7% but upside was trimmed due to profit booking at higher levels after making a fresh all time high of 43485. Pepper prices are expected to continue uptrend on the back of lower arrivals in the market; though, profit booking at higher levels will restrain upside.
SOYBEAN Soybean advanced for fifth consecutive week making a new two and half years high of 2869 on the back of firm physical demand outlook. Soybean prices are expected to trade sideways to higher due to firm demand in the domestic as well as international market due to heavy demand from major countries like China.
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TECHNICAL VIEW CHANA WEEKLY PIVOT SCRIPT CHANA
R4 4172
R3 3991
R2 3810
R1 3712
P 3629
S1 3531
S2 3448
S3 3267
S4 3086
OUTLOOK Trend: - Bullish Resistance: - 3800, 4000 Support: - 3490, 3290 Strategy: - Buy on dips CHANA WEEKLY
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JEERA WEEKLY PIVOT SCRIPT JEERA
R4 16050
R3 15130
R2 14220
R1 13950
P 13420
S1 13050
S2 12850
S3 12040
S4 11150
OUTLOOK Trend: - Consolidate Resistance: - 13700, 14000 Support: - 13000, 12400 Strategy: - Sell on high JEERA WEEKLY
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PEPPER WEEKLY PIVOT SCRIPT PEPPER
R4 54297
R3 49912
R2 45527
R1 43183
P 41142
S1 38798
S2 36757
S3 32372
S4 27987
OUTLOOK Trend: - Bullish Resistance: - 41140, 43400 Support: - 38700, 37100 Strategy: - Buy on dips PEPPER WEEKLY
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SOYBEAN WEEKLY PIVOT SCRIPT SOYBEAN
R4 3320
R3 3142
R2 2964
R1 2880
P 2785
S1 270
S2 2608
S3 2430
S4 2252
OUTLOOK Trend: - Consolidate Resistance: - 2900, 3170 Support: - 2730, 2620 Strategy: - Buy on dips SOYABEAN WEEKLY
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