The NCDEX Turmeric Dec futures slipped by -1.66% in the last trading to close at 7350 level till Tuesday 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 (DEC) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 7550
RESISTANCE 1: 7450
SUPPORT 1: 7300
SUPPORT 2: 7200
STRATEGY: SELL ON RISE
The NCDEX Soyabean Dec futures slipped by -0.46% in the last trading to close at 3060 level till Tuesday 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. 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 harvest season is coming to end hence not much downside expected now.
SOYABEAN (DEC) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 3120
RESISTANCE 1: 3100
SUPPORT : 3040
SUPPORT 2: 3000
STRATEGY: BUY ON DIPS
The NCDEX Guarseed Dec futures is slipped by -1.44% in the last trading to close at 3830 level till Tuesday 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 (DEC) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 3920
RESISTANCE 1: 3880
SUPPORT 1: 3800
SUPPORT 2: 3750
STRATEGY: SELL ON RISE
The NCDEX Dhaniya Dec futures slipped by -2.91% in the last trading to close at 5336 level on Tuesday. Lack of buying activities due to heavy rainfall led to further decline in spot price. Arrivals of 3000 bags have been witnessed in Kota market. No change has been observed compared to previous day. Arrivals in Guna market (MP) have also been steady at 3000 bags. Smaller market like Ramganj has also observed lower arrivals of 1000 bags to a total of 5000 bags. Also during this week, arrivals in Gondal market have been in a steady range of 4000-5000 bags. Higher supply and weak domestic demand is expected to bring further decline in spot price for the day. There may be higher moisture content in coriander stocks due to heavy rain fall in Gujarat and Rajasthan. But overall trend is still bearish in the market.
DHANIYA (DEC) TECHNICAL VIEW:
TREND: CONSOLIDATE
RESISTANCE 2: 5550
RESISTANCE 1: 5450
SUPPORT 1: 5350
SUPPORT 2: 5250
STRATEGY: SELL ON RISE
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