AGRI COMMODITY MARKET TIPS & REPORT - 06 MAY 2016

Turmeric June futures traded on a slipped on Wednesday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spice d by -1.56% to 8180 level at NCDEX. Trend remained weak for Turmeric as higher arrivals amidst lack of strong export and domestic demand kept pressure on the prices. Market sources however expect further fall to be limited as summer season North Indian demand and export demand are expected to pick up in coming weeks. 

TURMERIC (JUNE) TECHNICAL VIEW: 

TREND: MIXED TO BEARISH 

RESISTANCE 2: 8420, 

RESISTANCE 1: 8300, 

SUPPORT 1: 8100, 

SUPPORT 2: 8030. 

STRATEGY: SELL ON RISE 

The NCDEX Soya bean June futures surged by 0.54% in the last trading to close at 4081 level till Wednesday closing. The Sharp gains were noted in soybean futures during morning hours but profit taking increased towards end of the session against the recent run up. Expectation of higher demand from industrial buyers and stockists keeps prices firm these days. Buying interest has improved of late due to limited arrivals in spot market and bullish sentiments prevailing in international market.

SOYABEAN (JUNE) TECHNICAL VIEW: 

TREND: MIXED TO BEARISH 

RESISTANCE 2:4190, 

RESISTANCE 1:4130, 

SUPPORT 1: 4030, 

SUPPORT 2: 3980. 

STRATEGY: SELL ON RISE

Chana futures traded on a Positive note increased demand on Wednesday (5.00PM). Chana June l contract gained 0.25% to 5545 levels. Firm Rising summer season demand amidst prospects of lower production kept trend firm for Chana. With arrivals starting in Rajasthan after MP, the uptrend may remain limited though. Intermittent profit booking at the higher levels too not ruled out. But an overall fall in Pulses production reports could also keep overall sentiments firm for the commodity. 

CHANA (JUNE) TECHNICAL VIEW: 

TREND: MIXED TO BEARISH 

RESISTANCE 2: 5700, 

RESISTANCE 1:5600, 

SUPPORT 1: 5430, 

SUPPORT 2: 5370. 

STRATEGY: SELL ON RISE

The NCDEX Dhaniya June futures Slipped by -0.24% in the last trading to close at 6990 level on Wednesday. Special Margin of 10% (in cash) on the Long side will be imposed on all running contracts and yet to be launched contracts in Coriander (DHANIYA) with effect from beginning of day Wednesday, June 03, 2015. 

DHANIYA (JUNE) TECHNICAL VIEW: 

TREND: MIXED TO BEARISH 

RESISTANCE 2: 7150, 

RESISTANCE 1: 7070, 

SUPPORT 1: 6910, 

SUPPORT 2: 6840. 

STRATEGY: SELL ON RISE 

                     

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