The NCDEX Turmeric Apr futures is slipped by -2.15% in the last trading to close at 6750 level till Monday closing at India's National Commodity & Derivatives Exchange (NCDEX). No strong trend was noted for Turmeric as prices traded near the immediate psychological support of 7000 mark. Traders expect export and domestic demand to rise in coming weeks, but new crop arrivals have kept uptrend limited for now. Markets talks suggest that a significant drop in sowing in regions across Erode due to a drought like situation last year. As per trader estimates, production is expected to fall to 1-3 lakh bags from the normal 15-20 lakh bags seen on an average. This lower production will be to some extent compensated by a higher production expectation from AP and Maharashtra. Absence of sufficient dams is adversely affecting the crop in TN due to 2 unfavorable monsoons.
TURMERIC (APR) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 6950
RESISTANCE 1: 6850
SUPPORT 1: 6680
SUPPORT 2: 6610
STRATEGY: SELL ON RISE
The NCDEX Soyabean Mar futures surged up by 2.04% in the last trading to close at 3743 level till Monday closing. Choppy trading session in soybean capped the price volatility in futures. Overall fundamentals remain unchanged, i.e. any dip will be a good buying opportunity. Lower arrivals, improving spot demand for soymeal, expected Holi demand, reports of lower crop size of India and further drop in Argentine soybean production outlook shall continue supporting the market. Domestic fundamentals are firm therefore expect soybean to maintain the bullish trend this month as well. Although US production has been estimated higher but as per experts the U.S. soybean’s production surplus seems insufficient to offset the global demand patterns (A bullish inference overall). For the current month March soybean is unlikely to break the 3710- 20 support region comfortably, and except marginal dips prices are most likely to trade with an upward bias.
SOYABEAN (MARCH) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 3820
RESISTANCE 1: 3780
SUPPORT 1 : 3670
SUPPORT 2: 3590
STRATEGY: SELL ON RISE
The NCDEX Guarseed mar futures is slipped by -0.56% in the last trading to close at 4274 level till Monday closing. After the recent dips in prices, Guar is finding some strong support at these lower levels for last few days. Firmness in crude oil prices kept possibilities of rising export demand in coming weeks as Dollar too shows firmness vs Rupee. Guarseed is facing strong resistance at 5000 as Gum trades near 10000 mark. Medium term trend remains up due to rising concerns on production front from crop losses in Rajasthan due to adverse weather few months back. Lowering inventories will be another bullish factor. Increased exports of guar gum during last year have been encouraging due to increasing rig count in the USAs per reports from APEDA, improved export demand of guar has been noted. This year there is export of around 1,45,000 MT guar gum in first quarter ( April-June) , last year there was export of 75,000 MT of guar gum in the same period.
GUARSEED (MARCH) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 4380
RESISTANCE : 4320
SUPPORT 1: 4200
SUPPORT 2 : 4150
STRATEGY: SELL ON RISE
The NCDEX Jeera March futures is slipped by -2.29% in the last trading to close at 14950 level on Monday. Even as no strong trend persisted for Jeera, markets found strong support at these lower levels. Even as overall fundamentals still did not remain strong from new crop arrivals amidst better crop expectations, traders expect that incoming festival season along with firm Dollar could support export demand and support prices. Recent reports of apprehensions of crop damage in parts of Gujarat from climatic fluctuations may not be strong to support prices for now as overall production is expected to be higher this year. With expected higher sowing with shifting of other crop towards Jeera due to its high prevailing rates, delayed sowing in Gujarat (due to warmer climate) may have some adverse impact on crop productivity . Export demand from China and Gulf countries too has shifted to India as geo-political tensions in Turkey and Syria adversely affected production and exports from there.
JEERA (MARCH) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 15330
RESISTANCE 1: 15150
SUPPORT 1: 14770
SUPPORT 2: 14600
STRATEGY: SELL ON RISE
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
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