Turmeric April futures traded on a Surged up Friday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by 2.17% to 6700 level at NCDEX. Moderate weak trend persisted for Turmeric as lack of strong demand in mandis amidst higher arrivals kept pressure on the prices. Rising arrivals of the new crop in mandis in Telengana and Maharashtra kept uptrend limited. Expected further pick up in demand for new crop in coming weeks could support prices in medium term as traders rule out too much fall in rates.
TURMERIC (APRIL) TECHNICAL VIEW:
TREND: CONSOLIDATE
RESISTANCE 2: 6800,
RESISTANCE 1: 6750,
SUPPORT 1: 6550,
SUPPORT 2: 6500.
STRATEGY: SELL ON RISE
The NCDEX Soyabean April futures slipped by -0.49% in the last trading to close at 2869 level till Friday closing. Trend remained weak for Soybean as low demand in domestic markets and weakness in International markets kept pressure on prices. Traders expect present offers to support soymeal export in upcoming weeks. Sources now say that any sharp fall in price levels in spot will be beneficial for stockists to negotiate for fresh purchase transactions. Due to lower prices, soymeal exports share might pick up soon. These factors shall be supportive for prices in coming weeks.
SOYABEAN (APRIL) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2:2920,
RESISTANCE 1:2900,
SUPPORT 1: 2850,
SUPPORT 2: 2800.
STRATEGY: SELL ON RISE
Guarseed futures traded on a Negative note decreased demand on Friday (5.00PM). Gaurseed April contract lost -0.73% to 3825 levels. Prices flared up again for Guar after the recent dips from profit booking as overall fundamentals remained strong. Rise in export demand from US with a rise in rig count have been supporting prices for now. Delayed arrivals of rains and low prices over last 2 years have prompted farmers to switch to other crops. This may have a long term bullish impact on prices— provided crude oil rates pick up and exports too.
GAURSEED (APRIL) TECHNICAL VIEW:
TREND: CONSOLIDATE
RESISTANCE 2: 4000,
RESISTANCE 1:3900,
SUPPORT 1: 3750,
SUPPORT 2: 3700.
STRATEGY: SELL ON RISE
The NCDEX Dhaniya April futures Surged up by 0.74% in the last trading to close at 6635 level on Friday. 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: 6750,
RESISTANCE 1: 6700,
SUPPORT 1: 6600,
SUPPORT 2: 6500.
STRATEGY: SELL ON RISE
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