AGRI COMMODITY MARKET TIPS & REPORT FOR - 02 FEB 2016

Turmeric April futures traded on a Surged up on Monday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spice increased by 2.41% to 8398 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 BULLISH 

RESISTANCE 2: 8610, 

RESISTANCE 1: 8500, 

SUPPORT 1: 8240, 

SUPPORT 2: 8080. 

STRATEGY: BUY ON DIPS

The NCDEX Soya bean February futures surged up by 0.86% in the last trading to close at 3758 level till Monday 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 MT this month to 9.5 million. Since production of a record 2012/13 harvest at 12.2 MT, Indian soybean crops have been beset by a succession of unfavorable growing conditions. Monsoon rains in Aug decreased for the top production regions. 

SOYABEAN (FERUARY) TECHNICAL VIEW: 

TREND: MIXED TO BULLISH 

RESISTANCE 2:3800, 

RESISTANCE 1:3775, 

SUPPORT 1: 3720, 

SUPPORT 2: 3690. 

STRATEGY: BUY ON DIPS

Chana futures traded on a Negative note decreased demand on Monday (5.00PM). Chana May l contract lost -2.98% to 4065 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 (APRIL) TECHNICAL VIEW: 

TREND: MIXED TO BEARISH 

RESISTANCE 2: 4220, 

RESISTANCE 1:4140 

SUPPORT 1: 4020, 

SUPPORT 2: 3990

STRATEGY: SELL ON RISE

The NCDEX Dhaniya April futures Surged up by 1.52% in the last trading to close at 6330 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 (APRIL) TECHNICAL VIEW: 

TREND: MIXED TO BEARISH 

RESISTANCE 2: 6540, 

RESISTANCE 1: 6430, 

SUPPORT 1: 6200, 

SUPPORT 2: 6070

STRATEGY: SELL ON RISE 

                                           

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