The NCDEX Turmeric Apr futures is slipped by -1.64% in the last trading to close at 6700 level till Friday closing at India's National Commodity & Derivatives Exchange (NCDEX). Sideways trend was noted for Turmeric as prices faced strong resistance near the 7000 mark. Falling arrivals amidst rise in demand at these lower levels are likely to support prices. As new crop arrivals gradually come down with harvesting season getting over, demand 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: 6920
RESISTANCE 1: 6800
SUPPORT 1: 6600
SUPPORT 2: 6500
STRATEGY: SELL ON RISE
The NCDEX Soyabean Apr futures slipped by -1.60% in the last trading to close at 3698 level till Thursday closing. As selling offers in spot market continued declining at lower rates, futures prices stabilized and started bouncing upward. Moving forward, bullish tone in soymeal shall continue helping prices to bounce from support levels. There is fresh news of Reuters stating further drop in Argentine soybean production outlook due to persistent hot weather, and this can support Friday’s trading session. 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: 3820
RESISTANCE 1: 3760
SUPPORT 1 : 3650
SUPPORT 2: 3600
STRATEGY: SELL ON RISE
The NCDEX Guarseed Apr futures is slipped by -1.61% in the last trading to close at 4153 level till Thursday closing. Even as markets continued to show moderate dips for Guar, prices are bouncing back strongly from these lower levels with market men expecting some moderate recovery by end of the week. Lack of strong demand, higher stocks have kept trend down for Guar in short term even as long term trend remains positive. However firmness in Crude oil prices are likely to have positive impact on the export demand for Guargum in coming weeks. 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. 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.
GUARSEED (APR) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 4270
RESISTANCE : 4210
SUPPORT 1: 4120
SUPPORT 2 : 4080
STRATEGY: SELL ON RISE
The NCDEX Jeera Apr futures is surged up by 0.17% in the last trading to close at 14865 level on Thursday. Markets recovered strongly for Jeera on falling arrivals amidst rise in demand at these lower levels. Prices are likely to find immediate Resistance at the psychological 15000 mark however. Amidst arrivals of the new crop from Gujarat, arrivals from Rajasthan are 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 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 been pressurizing prices. 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.
JEERA (APR) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 15000
RESISTANCE 1: 14950
SUPPORT 1: 14750
SUPPORT 2: 14600
STRATEGY: BUY ON DIPS
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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