Turmeric Dec futures traded on a surged up Wednesday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by 0.86% to 7252 level at NCDEX. Moderate firm trend persisted for Turmeric even as low volumes were noted in the futures market. Overall trend remained firm however for the medium term on falling stocks as demand is expected to recover after some more corrections in prices New crop arrivals are still far away from Dec onwards, and this could keep overall market sentiments bullish for the time being.
TURMERIC (DECEMBER) TECHNICAL VIEW:
TREND: MIXED TO BULLISH
RESISTANCE 2: 7400,
RESISTANCE 1: 7300,
SUPPORT 1: 7120,
SUPPORT 2: 7030.
STRATEGY: BUY ON DIPS
The NCDEX Soyabean Dec futures slipped by -0.62% in the last trading to close at 3069 level till Wednesday closing. Domestic market was supported from news of US soybean export picking up, in addition to renewed buying interest against lower price levels. News of stock limits being eased by the Maharashtra government added to the positive tone. The Government of Maharashtra has announced on Monday to cancel buying limits which implies that now plants shall be prompted to buy in bulk quantities when needed. This will be supportive for prices in coming days.
SOYABEAN (DECEMBER) TECHNICAL VIEW:
TREND: CONSOLIDATE
RESISTANCE 2:3150,
RESISTANCE 1:3110,
SUPPORT 1: 3040,
SUPPORT 2: 3000.
STRATEGY: SELL ON RISE
Guarseed futures traded on a Positive note increased demand on Wednesday (5.00PM). Gaurseed Dec contract gained 0.43% to 3260 levels. Firm trend was noted for Guar even as profit booking set in at the higher levels. With exports slowly picking up for the new crop amidst firm Dollar vs Rupee, falling stocks and the present low rates added to the bullish sentiments. Fundamentals remain slight firm with falling stocks in domestic and International markets.
GAURSEED (DECEMBER) TECHNICAL VIEW:
TREND: CONSOLIDATE
RESISTANCE 2: 3340,
RESISTANCE 1:3300,
SUPPORT 1: 3200,
SUPPORT 2: 3150.
STRATEGY: BUY ON DIPS
The NCDEX Dhaniya Dec futures surged up by 2.01% in the last trading to close at 8054 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 (DECEMBER) TECHNICAL VIEW:
TREND: MIXED TO BULLISH
RESISTANCE 2: 8400,
RESISTANCE 1: 8100,
SUPPORT 1: 7800,
SUPPORT 2: 7650.
STRATEGY: BUY ON DIPS
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