Turmeric
November futures traded on a Surged up on Wednesday (5.00pm) at India's
National Commodity & Derivatives Exchange (NCDEX). Turmeric spice decreased
by -1.54% to 8810 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 201415.
TURMERIC
(NOVEMBER) TECHNICAL VIEW:
TREND: MIXED TO BULLISH
RESISTANCE 2: 9380,
RESISTANCE 1: 9160,
SUPPORT 1: 8670,
SUPPORT 2: 8400.
STRATEGY: BUY ON DIPS
The NCDEX
Soya bean November futures Surged up by 0.74% in the last trading to close at
3969 level till Wednesday 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
(NOVEMBER) TECHNICAL VIEW:
TREND: MIXED TO BEARISH
RESISTANCE 2:4050,
RESISTANCE 1: 4000,
SUPPORT 1: 3900,
SUPPORT 2: 3850.
STRATEGY: SELL ON RISE
Chana futures
traded on a positive note increased demand on Wednesday (5.00PM). Chana May l
contract gained 1.79% to 4785 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
(NOVEMBER) TECHNICAL VIEW:
TREND: MIXED TO BEARISH
RESISTANCE 2: 4870,
RESISTANCE 1:4825,
SUPPORT 1: 4710,
SUPPORT 2: 4640.
STRATEGY: SELL ON RISE
The NCDEX
Dhaniya November futures Slipped by -6.00 in the last trading to close at 9635
level on Wednesday. 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
(NOVEMBER) TECHNICAL VIEW:
TREND: MIXED TO BEARISH
RESISTANCE 2: 10430,
RESISTANCE 1: 9800,
SUPPORT 1: 8800,
SUPPORT 2: 8430.
STRATEGY: SELL ON RISE
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