Turmeric
September futures traded on a surged up on Thursday (5.00pm) at India's
National Commodity & Derivatives Exchange (NCDEX). Turmeric spice increased
by 0.8056% to 8056 level at NCDEX. Turmeric found strong support at the lower
levels as pick up in demand at these lower levels amidst prospects of Monsoon
weakening in August kept supporting market sentiments. There were apprehensions
that it may adversely impact the production in non-irrigated areas, even as
reports indicate overall sowing had been good so far.
TURMERIC
(SEPTEMBER) TECHNICAL VIEW:
TREND:
MIXED TO BULLISH
RESISTANCE
2: 8300,
RESISTANCE
1: 8180,
SUPPORT
1: 7940,
SUPPORT
2: 7830.
STRATEGY:
BUY ON DIPS
The
NCDEX Soyabean October futures Slipped by -0.54% in the last trading to close
at 3123 level till Thursday closing. India’s soy meal prices are unable to
support the domestic bean market in current term. This is because competitive
meal price in South America has resulted in demand shift from Indian meal.
Subdued demand for oil meal had been constantly putting pressure on the entire
edible oil seed complex since past few weeks.
SOYABEAN
(OCTOBER) TECHNICAL VIEW:
TREND: MIXED TO BEARISH
RESISTANCE
2:3180,
RESISTANCE
1: 3150,
SUPPORT
1: 3095,
SUPPORT
2: 3070.
STRATEGY:
SELL ON RISE
Chana
futures traded on a negative note on decresed demand on Thursday (5.00PM).
Chana May l contract lossed -1.20% to 4684 levels. Chana rates recovered
further as some rise in demand at these lower levels supported the prices.
Higher arrivals amidst good sowing reports had prevented a strong recovery
however. Prospects of a week Monsoon in Aug-Sep—as projected by IMD could cause
a moderate recovery in price in coming weeks. Lower production, low stocks and
rising demand.
CHANA
(SEPTEMBER) TECHNICAL VIEW:
TREND:
MIXED TO BEARISH
RESISTANCE
2: 4810,
RESISTANCE
1: 4750,
SUPPORT
1: 4650,
SUPPORT
2: 4615.
STRATEGY:
SELL ON RISE
The
NCDEX Dhaniya September futures Slipped by -0.82% in the last trading to close
at 10598 level on Thursday. Special Margin of 10% (in cash) on the Long side
will be imposed on all running contracts and yet to be launched contracts in
Coriander (DHANIYA) with effect from beginning of day Wednesday, June 03, 2015.
DHANIYA
(SEPTEMBER) TECHNICAL VIEW:
TREND:
MIXED TO BULLISH
RESISTANCE
2: 10740,
RESISTANCE
1: 10670,
SUPPORT
1: 10540,
SUPPORT
2: 10480.
STRATEGY:
SELL ON RISE
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