The NCDEX Turmeric Apr futures is surged up by 0.09% in the last trading to close at 6770 level till Wednesday closing at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric found strong support at these lower levels as moderate recovery got noted over last 2 days. As the new crop arrivals gradually come down with harvesting season getting over, the demand for the new crop started poring in and supporting the falling market sentiments. Technically the daily charts are now strongly oversold. Traders expect export and domestic demand to rise in coming weeks, but new crop arrivals have kept uptrend limited in recent months. April turmeric had posted high above 8000 last year amid expectations of rising export prospects and talks of lower sowing prospects versus last year but could not sustain above 8000 and trend had been on the lower side since then.
TURMERIC (APR) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 6830
RESISTANCE 1: 6800
SUPPORT 1: 6740
SUPPORT 2: 6710
STRATEGY: SELL ON RISE
The NCDEX Soyabean Mar futures slipped by -0.29% in the last trading to close at 3770 level till Wednesday closing. Weak trend in soymeal and cautious trading ahead of the USDA report kept sentiments eased, but in near term, hike in import duty In near term market will be supported through lowering supplies in mandis, stable demand for soymeal, reports of lower crop size of India and further drop in Argentine soybean production outlook. Bullish tone in soymeal shall continue offering helping prices to bounce from support levels. Although US production has been estimated higher but as per experts the U.S. soybean’s production surplus seems insufficient to offset the global demand patterns (A bullish inference overall). For the current month March soybean is unlikely to break the 3710- 20 support region comfortably, and except marginal dips prices are most likely to trade with an upward bias.
SOYABEAN (MARCH) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 3840
RESISTANCE 1: 3800
SUPPORT 1 : 3750
SUPPORT 2: 3730
STRATEGY: SELL ON RISE
The NCDEX Guarseed mar futures is surged up by 0.41% in the last trading to close at 4316 level till Wednesday closing. Moderate weak trend persisted for Guar as lack of strong export demand with falling crude oil prices amidst reports of higher stocks kept pressure on the prices. Reports of higher carry forward stock kept uptrend limited even as rising crude oil prices are likely to provide fillip to the export demand in coming weeks. Fundamentals are still positive as Guar seed production is expected to lower versus last year while guar gum demand remains better than previous years and likely to remain better in coming months. As per US data, the US oil rig count has reached to 978 which is 3 rigs more than the previous week from 16th Feb to 23rd Feb 2018. The government of India will announce higher MSP of Kharif pulses than the previous year. This will lead to higher sowing area of Kharif pulses and as a result, the cultivation area of Guar Seed is expected to reduce further—another bullish factor.
GUARSEED (MARCH) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 4370
RESISTANCE : 4340
SUPPORT 1: 4290
SUPPORT 2 : 4270
STRATEGY: BUY ON DIPS
The NCDEX Jeera March futures is surged up by 0.04% in the last trading to close at 14255 level on Wednesday. Prices showed strong resilience at the lower levels after the recent fall, as Jeera rates bounced back. Better sowing reports amidst lack of strong demand still could prevent strong recovery as of now. No strong bullish sentiments have emerged for now. New crop arrivals however keep pressure on prices as of now. The crop this year may be higher amid possibility of rise in acreage in the state of Gujarat. Jeera acreage in Gujarat is up by 38% to 3.83 lakh hectares as on 15-Jan-18. Acreage was 2.88 lakh ha at that same time. Market participants expect higher production and start of new season arrivals. It may be noted that Jeera futures are trading at more than 14 months lows. Due to better crop expectations, traders expect lower levels and firm Dollar could enhance export demand and support prices in coming sessions. Improved production prospect limits the upside.
JEERA (MARCH) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 14450
RESISTANCE 1: 14350
SUPPORT 1: 14150
SUPPORT 2: 14000
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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