The NCDEX Turmeric Apr futures slipped by -1.26% in the last trading to close at 7850 level till Wednesday closing at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric kept trading firm as it found some strong support at these lower levels after the recent dips - with expectations of export rising in coming week before Christmas. Reports of lower sowing prospects can support markets this week and prices on Monday or Tuesday after moderate fall in prices. Heavy rains forecast for AP over next 2 days may have adverse impact on the standing crop—as per traders. Reports from Erode in Tamil Nadu indicate a drastic fall in sowing in those regions due to a drought like situation this year.
TURMERIC (APR) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 7985
RESISTANCE 1: 7920
SUPPORT 1: 7780
SUPPORT 2: 7720
STRATEGY: BUY ON DIPS
The NCDEX Soyabean Jan futures surged up by 0.62% in the last trading to close at 3105 level till Wednesday 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 trade with 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: BULLISH
RESISTANCE 2: 3130
RESISTANCE 1: 3120
SUPPORT 1 : 3090
SUPPORT 2: 3080
STRATEGY: BUY ON DIPS
The NCDEX Guarseed Jan futures is slipped by -0.15% in the last trading to close at 4110 level till Wednesday closing. After the recent dips in prices, markets shot up again for Guar as it again neared the psychological 9000 mark. Firmness in Crude oil rates supported market sentiments for the counter as exports remained firm ahead of new year holidays. Fundamentals remained strong hence downside was capped. Rising export demand and concerns on production front from recent crop losses, due to excess rains in Rajasthan, just few months back, will be supporting guar in coming months. 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.
GUARSEED (JAN) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 4160
RESISTANCE 1: 4130
SUPPORT 1: 4090
SUPPORT 2 :4070
STRATEGY: BUY ON DIPS
The NCDEX Jeera Jan futures surged up by 0.50% in the last trading to close at 21230 level on Wednesday. Prices kept finding strong Resistance at the higher levels for Jeera as traders waited for some dips before initiating fresh demand in mandis. Any adverse weather conditions in Gujarat/ Rajasthan may cause prices to recover from these levels. Traders anticipate the export demand to start rising in the mandis as elections got over in Gujarat. Rains are beneficial for the crop growth. A cooler weather would also be beneficial for the crop. Good export demand is noted from China. Demand from Gulf countries too has shifted to India as geo-political tensions in Turkey and Syria adversely affected the production and the exports from there. India became major beneficiary.
JEERA (JAN) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 21520
RESISTANCE 1: 21380
SUPPORT 1: 20990
SUPPORT 2: 20750
STRATEGY: SELL ON RISE
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