AGRI COMMODITY MARKET TIPS FOR - 13 AUG 2015

Turmeric September futures traded on a slipped on Wednesday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spice decreased by -1.10% to 7350 level at NCDEX. Turmeric found strong support at the lower levels as pick up in demand at these lower levels amidst prospects of Monsoon weakening in August kept supporting market sentiments. There were apprehensions that it may adversely impact the production in non-irrigated areas, even as reports indicate overall sowing had been good so far.

TURMERIC TIPS (SEPTEMBER) TECHNICAL VIEW:

TREND: CONSOLIDATE

RESISTANCE 2: 7690,

RESISTANCE 1: 7550,

SUPPORT 1: 7280,

SUPPORT 2: 7130.

STRATEGY: BUY ON DIPS

The NCDEX Soyabean October futures Slipped by -0.16% in the last trading to close at 3127 level till Wednesday closing. India’s soy meal prices are unable to support the domestic bean market in current term. This is because competitive meal price in South America has resulted in demand shift from Indian meal. Subdued demand for oil meal had been constantly putting pressure on the entire edible oil seed complex since past few weeks.

SOYABEAN TIPS (OCTOBER) TECHNICAL VIEW:

TREND: CONSOLIDATE

RESISTANCE 2:3165,

RESISTANCE 1: 3145,

SUPPORT 1: 3090,

SUPPORT 2: 3055.

STRATEGY: BUY ON DIPS

Chana futures traded on a positive note on increased demand on Wednesday (5.00PM). Chana May l contract gained 0.04% to 4509 levels. Chana rates recovered further as some rise in demand at these lower levels supported the prices. Higher arrivals amidst good sowing reports had prevented a strong recovery however. Prospects of a week Monsoon in Aug-Sep—as projected by IMD could cause a moderate recovery in price in coming weeks. Lower production, low stocks and rising demand are likely to support the prices in the medium term as do prospects of improved domestic demand.

CHANA TIPS (SEPTEMBER) TECHNICAL VIEW:

TREND: MIXED TO BULLISH

RESISTANCE 2: 4590,

RESISTANCE 1: 4550,

SUPPORT 1: 4470,

SUPPORT 2: 4430.

STRATEGY: BUY ON DIPS

The NCDEX Dhaniya September futures surged up by 0.52% in the last trading to close at 10385 level on Wednesday. Special Margin of 10% (in cash) on the Long side will be imposed on all running contracts and yet to be launched contracts in Coriander (DHANIYA) with effect from beginning of day Wednesday, June 03, 2015.

DHANIYA TIPS  (SEPTEMBER) TECHNICAL VIEW:

TREND: MIXED TO BEARISH

RESISTANCE 2: 10735,

RESISTANCE 1: 10540,

SUPPORT 1: 10220,

SUPPORT 2: 10100.

STRATEGY: SELL ON RISE

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