Turmeric May futures traded on a Slipped Thursday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by -2.00% to 6314 level at NCDEX. Bearish trend persisted for Turmeric as low trading activities ahead of the Yearly closing kept pressure on the market sentiments. However, with arrivals of the new crop slowing down, traders anticipate a pick up in demand in coming weeks to support prices. Long term looks positive as exports are expected to recover for the new crop once arrivals slow down.
TURMERIC (MAY) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 6450,
RESISTANCE 1: 6400,
SUPPORT 1: 6250,
SUPPORT 2: 6200.
STRATEGY: SELL ON RISE
The NCDEX Soyabean May futures slipped by -0.74% in the last trading to close at 2945 level till Thursday closing. Soybean was range bound on Friday. The general trend had been more or less sideways this week except so far. Subdued trading because of March end closing kept sentiments eased yesterday but the market was supported at lower levels from news of Govt to allow export of edible oils including soya oil. The Rabi season arrivals are due in next few weeks, farmers shall prefer postponing their produce in mandis this month, and this shall help futures prices in finding buying support after small dips these days.
SOYABEAN (MAY) TECHNICAL VIEW:
TREND: CONSOLIDATE
RESISTANCE 2:2980,
RESISTANCE 1:2950,
SUPPORT 1: 2930,
SUPPORT 2: 2900.
STRATEGY: SELL ON RISE
Guarseed futures traded on a Positive note decreased demand on Thursday (5.00PM). Gaurseed May contract gained 0.90% to 4134 levels. High volatility was noted for Guar as overall trend remained firm on reports of prospects of weak monsoon. Short term dips may be likely intraday with possibilities of bounceback by end of the week as Fundamentals remain strong. With IMD predicting the El Nino factor to impact only later on during the monsoon season, the adverse impact on Guar sowing starting June may be low.
GAURSEED (MAY) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 4200,
RESISTANCE 1:4150,
SUPPORT 1: 4070,
SUPPORT 2: 4000.
STRATEGY: BUY ON DIPS
The NCDEX Dhaniya May futures Surged up by 0.10 % in the last trading to close at 7921 level on Thursday. 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 (MAY) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 8000,
RESISTANCE 1: 7900,
SUPPORT 1: 7700,
SUPPORT 2: 7600.
STRATEGY: BUY ON DIPS
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