Turmeric
April futures traded on a Slipped on Wednesday (5.00pm) at India's National
Commodity & Derivatives Exchange (NCDEX). Turmeric spice decreased by
-0.51% to 10220 level at NCDEX. No strong movement was noted for Turmeric as
lack of strong demand kept uptrend limited. Traders expect the export and
domestic demand to rise. But prospects of rising new crop arrivals in coming
weeks may limit the uptrend also. In Telangana, the turmeric crop is at
vegetative to flowering stage, sources said that due to recent rainfall in
Tamil Nadu.
TURMERIC
(APRIL) TECHNICAL VIEW:
TREND: MIXED TO BEARISH
RESISTANCE 2: 10440,
RESISTANCE
1: 10330,
SUPPORT 1: 10110,
SUPPORT 2: 10000.
STRATEGY: SELL ON RISE
The
NCDEX Soya bean January futures Slipped by -0.29% in the last trading to close
at 3775 level till Wednesday closing. The broader term price outlook is not so
bearish considering lower production prospects for year 2015-16. Poor soybean
yields in India prompted the USDA to lower its 2015/16 crop forecast by 1.5
million tons this month to 9.5 million. Since production of a record 2012/13
harvest at 12.2 million tons, Indian soybean crops have been beset by a
succession of unfavorable growing conditions. Monsoon rains in August decreased
for the top production regions.
SOYABEAN
(JANUARY) TECHNICAL VIEW:
TREND: MIXED TO BEARISH
RESISTANCE 2:3850,
RESISTANCE
1:3810,
SUPPORT 1: 3745,
SUPPORT 2: 3715.
STRATEGY: SELL ON RISE
Chana
futures traded on a positive note increased demand on Wednesday (5.00PM). Chana
May l contract gained 0.08% to 4805 levels. Firm trend persisted for Chana on
reports of Govt purchase and rising domestic demand amidst lower stocks in
mandis. The uptrend got limited on prospects of rains in MP in coming days as
that could have beneficial impact on sowing. Persistent concerns regarding
government’s continuous efforts to keep price rise in check too kept rising
rates under check as prices hovered near the 5000 mark.
CHANA
(JANUARY) TECHNICAL VIEW:
TREND: MIXED TO BEARISH
RESISTANCE 2: 4860,
RESISTANCE 1:4830,
SUPPORT 1: 4780,
SUPPORT 2: 4760.
STRATEGY: SELL ON RISE
The
NCDEX Dhaniya January futures Surged up by 0.79% in the last trading to close
at 10180 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 (JANUARY) TECHNICAL VIEW:
TREND: MIXED TO
BULLISH
RESISTANCE 2: 10440,
RESISTANCE 1: 10300,
SUPPORT 1: 9915,
SUPPORT 2:
9680.
STRATEGY: BUY ON DIPS
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Turmeric prices dropped amid profit booking after prices gained due to limited arrivals of quality turmeric from the producing belts as recommended by Epic Research.
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