Turmeric April futures traded on a Slipped Tuesday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by -1.16% to 6320 level at NCDEX. Bearish trend persisted for Turmeric as higher arrivals and low demand pressurized prices. Rising arrivals of new crop in Telengana and Maharashtra kept uptrend limited. Expected further pick up in demand for new crop in coming weeks could support prices in medium term as traders rule out too much fall in rates. Long term looks positive however as exports are expected to recover for the new crop oncearrivals slow down.
TURMERIC (APRIL) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 6500,
RESISTANCE 1: 6400,
SUPPORT 1: 6250,
SUPPORT 2: 6200.
STRATEGY: SELL ON RISE
The NCDEX Soyabean April futures slipped by -0.51% in the last trading to close at 2898 level till Tuesday closing. Strength in mustard and other major oilseeds was supportive for soybean. Good Monsoon predictions from IMD amidst reports of increase in this year’s production however capped the upside movement. Traders expect present offers to support soymeal export in upcoming weeks. now say that any sharp fall in price levels in spot will be beneficial for stockists to negotiate for fresh purchase transactions.
SOYABEAN (APRIL) TECHNICAL VIEW:
TREND: CONSOLIDATE
RESISTANCE 2:2970,
RESISTANCE 1:2930,
SUPPORT 1: 2880,
SUPPORT 2: 2850.
STRATEGY: BUY ON DIPS
Guarseed futures traded on a Negative note decreased demand on Tuesday (5.00PM). Gaurseed April contract lost -0.70% to 3839 levels. Prices fired up for Guar towards end of the week after the initial dips as export demand started rising at the lower levels. Falling Dollar vs Rupee did keep market sentiments slight down initially. Overall long term trend 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: CONSOLIDATE
RESISTANCE 2: 4000,
RESISTANCE 1:3900,
SUPPORT 1: 3800,
SUPPORT 2: 3750.
STRATEGY: BUY ON DIPS
The NCDEX Dhaniya April futures Surged up by 0.47% in the last trading to close at 7241 level on Tuesday. 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: 7400,
RESISTANCE 1: 7300,
SUPPORT 1: 7100,
SUPPORT 2: 7000.
STRATEGY: BUY ON DIPS
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