Turmeric September
futures traded on a surged up on Friday (5.00pm) at India's National Commodity
& Derivatives Exchange (NCDEX). Turmeric spice increased by 1.82% to 7510
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 (SEPTEMBER)
TECHNICAL VIEW:
TREND: MIXED TO
BULLISH
RESISTANCE 2: 7670,
RESISTANCE 1: 7590,
SUPPORT 1: 7400,
SUPPORT 2: 7290.
STRATEGY: BUY ON DIPS
The NCDEX Soyabean
October futures Slipped by -0.48% in the last trading to close at 3113 level
till Friday 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 (OCTOBER)
TECHNICAL VIEW:
TREND: MIXED TO
BEARISH
RESISTANCE 2:3200,
RESISTANCE 1: 3150,
SUPPORT 1: 3080,
SUPPORT 2: 3060.
STRATEGY: SELL ON
RISE
Chana futures traded
on a positive note on increased demand on Friday (5.00PM). Chana May l contract
gained 0.79% to 4569 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 (SEPTEMBER)
TECHNICAL VIEW:
TREND: MIXED TO
BULLISH
RESISTANCE 2: 4600,
RESISTANCE 1: 4585,
SUPPORT 1: 4540,
SUPPORT 2: 4510.
STRATEGY: BUY ON DIPS
The NCDEX Dhaniya
September futures surged up by 0.04% in the last trading to close at 10305
level on Friday. 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 (SEPTEMBER)
TECHNICAL VIEW:
TREND: MIXED TO
BEARISH
RESISTANCE 2: 10580,
RESISTANCE 1: 10440,
SUPPORT 1: 10180,
SUPPORT 2: 10050.
STRATEGY: SELL ON
RISE
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