AGRI COMMODITY TIPS & REPORT - 24 AUG 2015

Turmeric September futures traded on a slipped on Friday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spice decresed by -3.25% to 7800 level at NCDEX. As per Telengana Agricultural Department, till 29th July, around 36K ha area has been sown under turmeric vs 37K ha same time last year. Total 50,000 ha area is covered. Moreover, in AP, around 6100 ha area has been seeded till date vs 6K ha last year. During 2014-15, India exported around 86K tons which is higher by 8500 tons than last year. In 2013-14, around 77500 tons was exported. Masala Board has fixed a target for export of 80K tons for 2014-15.

TURMERIC (SEPTEMBER) TECHNICAL VIEW: 

TREND: MIXED TO BEARISH 

RESISTANCE 2: 8270, 

RESISTANCE 1: 8030, 

SUPPORT 1: 7660, 

SUPPORT 2: 7525. 

STRATEGY: SELL ON RISE

The NCDEX Soyabean October futures Surged up by 0.06% in the last trading to close at 3127 level till Friday closing. SOYABEAN : - Timely planting and sufficient rains through most of July in the major grain producing states is likely to support MY 2015/16 Kharif grain production prospects. However, sufficient rains throughout August and September will be critical for achieving forecast normal yields. The inputs provided by the USDA report on August 12 were negative and had pressured price levels of US soy complex on the same day.

SOYABEAN (OCTOBER) TECHNICAL VIEW: 

TREND: MIXED TO BEARISH 

RESISTANCE 2:3180, 

RESISTANCE 1: 3150, 

SUPPORT 1: 3105, 

SUPPORT 2: 3085. 

STRATEGY: SELL ON RISE

Chana futures traded on a negative note on decresed demand on Friday (5.00PM). Chana May l contract lossed -0.79% to 4656 levels. CHANA : - Sowing of pulses in Maharashtra has been done in 66% area of fixed target of 24.50 lakh ha, which is up from last year’s sowing area. Around 9.3 lakh ha area has been sown under Tur vs 9 lakh ha last year. Meanwhile, Moong has been sown in 3.33 lakh ha and urad in 2.42 lakh ha while its sowing target has been fixed 5.60 lakh ha and 5.10 lakh ha respectively. Sowing of both commodities are ahead from its scheduled.

CHANA (SEPTEMBER) TECHNICAL VIEW: 

TREND: MIXED TO BEARISH 

RESISTANCE 2: 4745, 

RESISTANCE 1: 4700, 

SUPPORT 1: 4630, 

SUPPORT 2: 4605. 

STRATEGY: SELL ON RISE

The NCDEX Dhaniya September futures Surged up by 0.78% in the last trading to close at 10699 level on Friday. 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: 10890, 

RESISTANCE 1: 10795, 

SUPPORT 1: 10575, 

SUPPORT 2: 10450. 

STRATEGY: BUY ON DIPS

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