Turmeric April futures traded on a slipped Monday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by -0.63% to 6580 level at NCDEX. Moderate firm trend persisted for Turmeric even as low volumes were noted in the futures market. Overall trend remained firm however for the medium term on falling stocks as demand is expected to recover after some more corrections in prices New crop arrivals are still far away from Dec onwards, and this could keep overall market sentiments bullish for the time being.
TURMERIC (APRIL) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 6720,
RESISTANCE 1: 6650,
SUPPORT 1: 6550,
SUPPORT 2: 6500.
STRATEGY: SELL ON RISE
The NCDEX Soyabean Feb futures surged up by 0.62% in the last trading to close at 3085 level till Monday closing. Domestic market was supported from news of US soybean export picking up, in addition to renewed buying interest against lower price levels. News of stock limits being eased by the Maharashtra government added to the positive tone. The Government of Maharashtra has announced on Monday to cancel buying limits which implies that now plants shall be prompted to buy in bulk quantities when needed. This will be supportive for prices in coming days.
SOYABEAN (FEBRUARY) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2:3200,
RESISTANCE 1:3120,
SUPPORT 1: 3050,
SUPPORT 2: 3030.
STRATEGY: BUY ON DIPS
Guarseed futures traded on a Negative note decreased demand on Monday (5.00PM). Gaurseed Feb contract lost -0.48% to 3317 levels. Firm trend was noted for Guar even as profit booking set in at the higher levels. With exports slowly picking up for the new crop amidst firm Dollar vs Rupee, falling stocks and the present low rates added to the bullish sentiments. Fundamentals remain slight firm with falling stocks in domestic and International markets.
GAURSEED (FEBRUARY) TECHNICAL VIEW:
TREND: CONSOLIDATE
RESISTANCE 2: 3400,
RESISTANCE 1:3360,
SUPPORT 1: 3300,
SUPPORT 2: 3280.
STRATEGY: SELL ON RISE
The NCDEX Dhaniya April futures slipped by -0.22% in the last trading to close at 7851 level on Monday. 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 (APRIL) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 8100,
RESISTANCE 1: 8000,
SUPPORT 1: 7800,
SUPPORT 2: 7700.
STRATEGY: BUY ON DIPS
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