The NCDEX Turmeric Apr futures is surged up by 0.12% in the last trading to close at 6820 level till Thursday closing at India's National Commodity & Derivatives Exchange (NCDEX). Moderate firmness returned for Turmeric after the recent fall. However prices faced strong resistance near the psychological 7000 mark. 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: 6900
RESISTANCE 1: 6860
SUPPORT 1: 6770
SUPPORT 2: 6720
STRATEGY: SELL ON RISE
The NCDEX Soyabean Apr futures slipped by -0.03% in the last trading to close at 3757 level till Thursday closing. Viewing technically, NCDEX Apr soybean has a strong support region around 3550-3600 for the current month and expect the downside to be capped unless the 3500 support gets breached on a closing basis. Bullish tone in soymeal shall continue helping prices to bounce from support levels moving forward. The USDA in its March month’s report had trimmed US exports again by 35 million bushels, but increased crush by 10 million bushels. As a result the U.S. supplies increased to 555 million bushels. The World Supply scenario for soybeans however stood positive like previous month. Brazil’s soy crop was given marginal hike to 113 mmt, up 1 mmt from last month’s 112 mmt and below last year’s record of 114 mmt.
.SOYABEAN (APR) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 3800
RESISTANCE 1: 3780
SUPPORT 1 : 3740
SUPPORT 2: 3720
STRATEGY: SELL ON RISE
The NCDEX Guarseed Apr futures is surged up by 0.88% in the last trading to close at 4218 level till Thursday closing. Prices failed to hold onto the higher levels for Guar as it traded with high volatility. Expected pick up in export demand in coming weeks at these lower levels could support prices however as prices found some support near psychological 9000 mark. Lack of strong export demand with falling crude oil prices amidst reports of higher stocks had kept pressure on prices. Reports of higher carry forward stock too kept uptrend limited. Medium term outlook looks firm however 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.
GUARSEED (APR) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 4260
RESISTANCE : 4240
SUPPORT 1: 4200
SUPPORT 2 : 4170
STRATEGY: SELL ON RISE
The NCDEX Jeera Apr futures is surged up by 3.30% in the last trading to close at 14885 level on Thursday. Jeera found immediate support at these lower levels even as no strong fundamentals were reported. Moderate arrivals of the new crop from Gujarat were noted. Arrivals from Rajasthan set to pick up in coming days and could put some more short term dips on prices. However traders anticipate the downtrend to be limited for the time being as prices have fallen a lot over last few months. The demand for the new crop is expected to rise at these lower levels in coming days. Rising arrivals of new crop and an overall high crop estimate have limited the uptrend. Due to high prevailing rates last year, more sowing was done for this crop. Good rains in Gujarat and Rajasthan further boosted productivity aspects and traders estimate the crop to be between 65-75 lakh bags. 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. Demand on the domestic front is set to increase from April onwards.
JEERA (APR) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 15200
RESISTANCE 1: 15050
SUPPORT 1: 14600
SUPPORT 2: 14330
STRATEGY: BUY ON DIPS
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