AGRI COMMODITY TIPS FOR 08 DEC 2015

Turmeric April futures traded on a Surged up on Monday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spice increased by 1.68% to 10300 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 (APRIL) TECHNICAL VIEW: 

TREND: MIXED TO BULLISH 

RESISTANCE 2: 10750, 

RESISTANCE 1: 10410, 

SUPPORT 1: 10170, 

SUPPORT 2: 10050. 

STRATEGY: BUY ON DIPS

The NCDEX Soya bean January futures Surged up by 1.78% in the last trading to close at 3837 level till Monday closing. Absence of buy leads from the consuming centres was observed for yet another session because of stock limit concerns. Technical selling continued pressuring the futures market.

SOYABEAN (JANUARY) TECHNICAL VIEW: 
TREND: MIXED TO BEARISH 
RESISTANCE 2:3890, 
RESISTANCE 1:3860, 
SUPPORT 1: 3795, 
SUPPORT 2: 3750. 
STRATEGY: SELL ON RISE

Chana futures traded on a negative note decreased demand on Monday (5.00PM). Chana May l contract lost -1.24% to 4783 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: 4855, 

RESISTANCE 1:4820, 

SUPPORT 1: 4750, 

SUPPORT 2: 4710. 

STRATEGY: SELL ON RISE

The NCDEX Dhaniya January futures Surged up by 0.06% in the last trading to close at 10100 level on Monday. 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 BEARISH 
RESISTANCE 2: 10230, 
RESISTANCE 1: 10165, 
SUPPORT 1: 9990, 
SUPPORT 2: 9880. 
STRATEGY: SELL ON RISE

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