Turmeric Nov futures traded on a surged up Tuesday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by 0.95% to 7252 level at NCDEX. Primary trend appears on the upside because of depleting arrivals in most trading centers such as Nizamabad, Erode, and Sangli. Improved demand from domestic and overseas buyers will be another bullish driver for the current week. Nevertheless, the gains shall remain capped by expectations of improving monsoon activity in growing regions of AP and Telangana.
TURMERIC (NOVEMBER) TECHNICAL VIEW:
TREND: MIXED TO BULLISH
RESISTANCE 2: 7300,
RESISTANCE 1: 7250,
SUPPORT 1: 7160,
SUPPORT 2: 7120.
STRATEGY: BUY ON DIPS
The NCDEX Soyabean Nov futures slipped by -0.77% in the last trading to close at 3098 level till Tuesday closing. Expectations of rains to intensify this month will be seen as a beneficial factor in cooling down food prices including oilseeds. Therefore the near term outlook shall remain bearish for soybean. Negative cues from US markets and reports of good rains in MP region are likely to kept sentiments bearish in futures markets in the current week.
SOYABEAN (NOVEMBER) TECHNICAL VIEW:
TREND: MIXED TO BEARISH
RESISTANCE 2:3150,
RESISTANCE 1:3120,
SUPPORT 1: 3080,
SUPPORT 2: 3060.
STRATEGY: SELL ON RISE
Guarseed futures traded on a Negative note decreased demand on Tuesday (5.00PM). Gaurseed Nov contract lost -0.40% to 3447 levels. Rising export, falling stocks and reports of lower sowing area kept sentiments strong for Guar as prices found very strong support at these low levels for last few weeks. Low price realizations last year kept farmers away from sowing of this crop leading to apprehensions of falling sowing area. Short to medium term sentiments look firm as any pickup in Crude oil prices could lead to further firmness in guar prices.
GAURSEED (NOVEMBER) TECHNICAL VIEW:
TREND: MIXED TO BULLISH
RESISTANCE 2: 3490,
RESISTANCE 1:3470,
SUPPORT 1: 3430,
SUPPORT 2: 3410.
STRATEGY: BUY ON DIPS
The NCDEX Dhaniya Nov futures surged up by 0.68% in the last trading to close at 7300 level on Tuesday. Coriander futures edged higher on NCDEX as speculators enlarged their holdings on the back of improved demand at the spot market. Further, restricted arrivals from major growing regions also added support to coriander prices’ uptrend.
DHANIYA (NOVEMBER) TECHNICAL VIEW:
TREND: MIXED TO BULLISH
RESISTANCE 2: 7450,
RESISTANCE 1: 7350,
SUPPORT 1: 7200,
SUPPORT 2: 7100.
STRATEGY: BUY ON DIPS
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