Turmeric April futures traded on a slipped Monday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by -0.12% to 6790 level at NCDEX. Slight weak trend kept getting noted for Turmeric even as traders expect demand to slowly start improving in coming days. Expected pickup in demand for the new crop in coming weeks could support prices from a medium term point of view as short term looks volatile.
TURMERIC (APRIL) TECHNICAL VIEW:
TREND: CONSOLIDATE
RESISTANCE 2: 6900,
RESISTANCE 1: 6850,
SUPPORT 1: 6700,
SUPPORT 2: 6650.
STRATEGY: SELL ON RISE
The NCDEX Soyabean March futures surged up by 0.45% in the last trading to close at 2908 level till Monday closing. Domestic spot markets were weak in in response to negative trend in Chicago Board of Trade soybean futures. Sentiments were bearish as the USDA kept U.S. soy supply forecast unchanged in its Thursday’s supply demand report. NCDEX March soybean finished lower near a strong support of 3050. Breach of this level shall be encouraging for sellers.
SOYABEAN (MARCH) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2:2950,
RESISTANCE 1:2930,
SUPPORT 1: 2880,
SUPPORT 2: 2860.
STRATEGY: SELL ON RISE
Guarseed futures traded on a Positive note Thursday increased demand on Monday (5.00PM). Gaurseed March contract gained 1.33% to 3593 levels. Slight firm trend was noted for Guar as Gum rose more than seed on good data on the export front for the former. Falling stocks and production figures could support prices in medium term. But short term trend remained very volatile as no strong uptrend was noted for crude oil prices that may have some positive impact on the export figures further. Fall in Dollar vs Rupee too adversely affected the sentiments.
GAURSEED (MARCH) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 3700,
RESISTANCE 1:3650,
SUPPORT 1: 3570,
SUPPORT 2: 3550.
STRATEGY: BUY ON DIPS
The NCDEX Dhaniya April futures slipped by -4.00% in the last trading to close at 6469 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: BEARISH
RESISTANCE 2: 6700,
RESISTANCE 1: 6650,
SUPPORT 1: 6400,
SUPPORT 2: 6300.
STRATEGY: SELL ON RISE
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