Turmeric Oct futures traded on a slipped on Wednesday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by -1.52% to 6850 level at NCDEX. Primary trend appears on the upside because of depleting arrivals in most trading centres such as Nizamabad, Erode, and Sangli. Improved demand from domestic and overseas buyers will be another bullish driver for the current week. Nevertheless, the gains shall remain capped by expectations of improving monsoon activity in growing regions of AP and Telangana.
TURMERIC (OCTOBER) TECHNICAL VIEW:
TREND: MIXED TO BEARISH
RESISTANCE 2: 7060,
RESISTANCE 1: 6950,
SUPPORT 1: 6800,
SUPPORT 2: 6750.
STRATEGY: SELL ON RISE
The NCDEX Soya bean October futures slipped by -1.78% in the last trading to close at 3209 level till Wednesday closing. Expectations of rains to intensify this month will be seen as a beneficial factor in cooling down food prices including oilseeds. Therefore the near term outlook shall remain bearish for soybean. Negative cues from US markets and reports of good rains in MP region are likely to kept sentiments bearish in futures markets in the current week.
SOYABEAN (OCTOBER) TECHNICAL VIEW:
TREND: MIXED TO BEARISH
RESISTANCE 2:3300,
RESISTANCE 1:3250,
SUPPORT 1: 3180,
SUPPORT 2: 3160.
STRATEGY: SELL ON RISE
Guarseed futures traded on a Negative note decreased demand on Wednesday (5.00PM). Gaurseed October contract lost -1.88% to 3549 levels. Rising export, falling stocks and reports of lower sowing area kept sentiments strong for Guar as prices found very strong support at these low levels for last few weeks. Low price realizations last year kept farmers away from sowing of this crop leading to apprehensions of falling sowing area. Short to medium term sentiments look firm as any pickup in Crude oil prices could lead to further firmness in guar prices.
GAURSEED (OCTOBER) TECHNICAL VIEW:
TREND: MIXED TO BEARISH
RESISTANCE 2: 3730,
RESISTANCE 1:3640,
SUPPORT 1: 3500,
SUPPORT 2: 3450.
STRATEGY: SELL ON RISE
The NCDEX Dhaniya Oct futures surged up by 0.02% in the last trading to close at 8009 level on Wednesday Coriander futures edged higher on NCDEX as speculators enlarged their holdings on the back of improved demand at the spot market. Further, restricted arrivals from major growing regions also added support to coriander prices’ uptrend.
DHANIYA (OCTOBER) TECHNICAL VIEW:
TREND: MIXED TO BULLISH
RESISTANCE 2: 8120,
RESISTANCE 1: 8060,
SUPPORT 1: 7940,
SUPPORT 2: 7860.
STRATEGY: BUY ON DIPS
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