Turmeric April futures traded on a Surged up Monday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by 0.16% to 6362 level at NCDEX. Markets recovered strongly for Turmeric as prices found very strong support at these levels. With arrivals of the new crop slowing down, traders anticipate a pick up in demand in coming weeks to support prices. Long term looks positive as exports are expected to recover for the new crop once arrivals slow down.
TURMERIC (APRIL) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 6450,
RESISTANCE 1: 6400,
SUPPORT 1: 6300,
SUPPORT 2: 6250.
STRATEGY: SELL ON RISE
The NCDEX Soyabean April futures slipped by -0.52% in the last trading to close at 2877 level till Monday closing. Soybean uptrend was observed on Thursday as well. The Rabi season arrivals are due in next few weeks, farmers shall prefer postponing their produce in mandis this month, and this shall help futures prices in finding buying support after small dips these days. Sources maintain that decline below 2700 in near term will be beneficial for stockists to negotiate for fresh purchase transactions.
SOYABEAN (APRIL) TECHNICAL VIEW:
TREND: CONSOLIDATE
RESISTANCE 2:2950,
RESISTANCE 1:2900,
SUPPORT 1: 2860,
SUPPORT 2: 2840.
STRATEGY: BUY ON DIPS
Guarseed futures traded on a Negative note decreased demand on Monday (5.00PM). Gaurseed April contract lost -2.38% to 3772 levels. Guar traded with high volatility as the recent downtrend in prices was followed by a moderate recovery at these lower levels. Falling Dollar vs Rupee did keep market sentiments slight down. Overall long term trend however remains bullish with exports expected to remain strong this year. Delayed arrivals of rains and low prices over last 2 years have prompted farmers to switch to other crops.
GAURSEED (APRIL) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 3900,
RESISTANCE 1:3850,
SUPPORT 1: 3750,
SUPPORT 2: 3720.
STRATEGY: SELL ON RISE
The NCDEX Dhaniya April futures Surged up by 0.24% in the last trading to close at 7425 level on Monday. 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 (APRIL) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 7500,
RESISTANCE 1: 7450,
SUPPORT 1: 7370,
SUPPORT 2: 7300.
STRATEGY: BUY ON DIPS
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