The NCDEX Turmeric Apr futures slipped by -0.57% in the last trading to close at 7372 level till Monday closing at India's National Commodity & Derivatives Exchange (NCDEX). After the recent upper circuits, profit booking was noted for Turmeric as demand faltered at these very high levels. Sentiments remained firm however on rising export and domestic demand amidst falling stocks in mandis. With no new crop arrivals for now, trend likely to remain firm. Reports of lower sowing prospects too supported markets and not much downside is expected. Reports from Erode in Tamil Nadu indicate a drastic fall in sowing in those regions due to a drought like situation this year. As per trader estimates, the production this year is expected to fall to 1-3 lakh bags from the normal 15-20 lakh bags seen on an average. This lower production will be to some extent compensated by a higher production expectation from AP and Maharashtra.
TURMERIC (APR) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 7490
RESISTANCE 1: 7430
SUPPORT 1: 7300
SUPPORT 2: 7240
STRATEGY: SELL ON RISE
The NCDEX Soyabean Jan futures slipped by -1.12% in the last trading to close at 3090 level till Monday closing. Tone remains positive in soybean due to the recent hike in import duty of edible oils and soybean. As stated in the notification the duty on soya bean has been increased to 45 per cent from 30 per cent. Since prices of all oilseeds had gone below the MSP and there was a sense of deep distress and despondency in the minds of farmers, this move by the government has been welcomed by oilseed industry. Soybean is sometimes imported, although at nominal quantity hence rise in import duty will be seen as beneficial in enabling farmers increasing their income. December soybean is likely to tradewith upward bias this week, and between 2975-3075 levels. Harvest season, subdued export demand for soymeal and estimations of sufficient amount of inventory lying with stockists had been capping the upside so far, but now there is parity in exporting Indian soymeal while harvestseason is coming to end hence not much downside expected now.
SOYABEAN (JAN) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 3150
RESISTANCE 1: 3120
SUPPORT : 3070
SUPPORT 2: 3050
STRATEGY: SELL ON RISE
The NCDEX Guarseed Jan futures is slipped by -0.14% in the last trading to close at 3867 level till Monday closing. Fundamentals remained strong for Guar even as profit booking at the higher levels limited the uptrend towards end of the week. Rising export demand amidst concerns on production front from recent crop losses, due to excess rains in Rajasthan, just few months back continue supporting long term trend. Lowering inventories too are bullish factors. The new crop arrivals shall continue in mandis for few more weeks and that might cap the upside. But with prices turning significantly cheap and export demand prospects improving, smart upside rallies are expected in near term. Increased exports of guar gum during last year have been encouraging due to increasing rig count in the US. Long term view is bullish but arrivals of new crop will be a bearish factor this week.
GUARSEED (JAN) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 3930
RESISTANCE 1: 3890
SUPPORT 1: 3850
SUPPORT 2: 3830
STRATEGY: SELL ON RISE
The NCDEX Jeera Jan futures slipped by -0.46% in the last trading to close at 21420 level on Monday. Jeera on NCDEX settled down -0.69% at 21520 tracking weakness in spot demand as sowing progress is encouraging in Gujarat. Further, good sowing progress of jeera as per expectations due to higher market prices also weighed on prices. India's jeera export during April-September jumped 8.4% to 77,827 ton. Jeera acreage in Gujarat-the largest producer-rose to 269,800 hectare up from 180,300 hectare a year ago as farmer got very attractive prices. As per Gujarat Govt. normal Jeera sowing area around 280,300 hectares. Current year area sowing around 130,100 hectares as compared to last year 99,100 hectares. Major zone wise area reported 4900 hectares in Kutch, North Gujarat 64,000 hectares, Middle Gujarat 11,800 hectares, Saurashtra 49400 hectares.
JEERA (JAN) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 21990
RESISTANCE 1: 21700
SUPPORT 1: 21130
SUPPORT 2: 20850
STRATEGY: SELL ON RISE
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance. CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
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