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| CapitalStars Investment Adviser |
Cotton futures (Nov) is expected to trade sideways to upside bias with take support near 22550 levels and may touch the level of 23000. Domestic fundamentals are positive as supply is limited due to lower crop estimates, while demand is uncertain and erratic. Mills and exporters continued their buying anticipating further increase in prices amid lower crop prospects in the country followed by deteriorating crop in U.S due to recent Hurricane followed by rainfall forecast. They also need to replenish inventory as supply is likely to slip ahead due to closure of markets for Diwali festival. However some correction can't be ruled out in case supply increases substantially. In guar seed futures (Nov) there is more room for upside and buy on dip advised near 4630, for 4800-4850 levels. Stockists and crushers are buying blindly even at higher rates in Rajasthan and Haryana due to strong demand in Guargum. The supply of Guarseed is likely to reduce after diwali as crop is lower than last year. This season, guar seed stocks are expected to decline to multi-year low this season 2018-19 due to fall in production back-to-back this year amid adverse weather conditions. Lower level buying may be seen in Chana futures (Nov) near 3900-3850 levels. Poor crop report and reports of possible glyphosate levels test by FSSAI in other imported pulses in line with global standards may push the prices. The market is expecting demand to improve in finished/processed products in coming days season as the consumption of chana usually increases during October-November period due to festival season.
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