Turmeric Aug futures traded on a surged up on Monday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by 2.00% to 8324 level at NCDEX. Primary trend appears on the upside because of depleting arrivals in most trading centres such as Nizamabad, Erode, and Sangli. Improved demand from domestic and overseas buyers will be another bullish driver for the current week. Nevertheless, the gains shall remain capped by expectations of improving monsoon activity in growing regions of AP and Telangana.
TURMERIC (AUGUST) TECHNICAL VIEW:
TREND: MIXED TO BULLISH
RESISTANCE 2: 8420,
RESISTANCE 1: 8370,
SUPPORT 1: 8220,
SUPPORT 2: 8130.
STRATEGY: BUY ON DIPS
The NCDEX Soya bean October futures surged up by 1.79% in the last trading to close at 3763 level till Monday closing. Approaching monsoon season shall be weighing over soybean prices this week as well. The recent Brexit issue might keep sentiments disturbed in global markets as of now, and can weigh on global oil complex markets, therefore maintaining weak tone in Indian markets also. Subdued demand for soymeal shall also weigh over the soybean complex in present term.
SOYABEAN (OCTOBER) TECHNICAL VIEW:
TREND: MIXED TO BULLISH
RESISTANCE 2:3830,
RESISTANCE 1:3795,
SUPPORT 1: 3710,
SUPPORT 2: 3660.
STRATEGY: BUY ON DIPS
Guarseed futures traded on a Positive note decreased demand on Monday (5.00PM). Gaurseed October contract gained 0.69% to 3218 levels. Improving rain prospects in the major producing state of Rajasthan shall be preventing any sharp gain in guar complex this week Traders are expecting the exports for Guar gum to pick up again as there are regular inquiries from Europe and Russia – this is another supportive factor for the guar complex.
GAURSEED (OCTOBER) TECHNICAL VIEW:
TREND: CONSOLIDATE
RESISTANCE 2: 3270,
RESISTANCE 1:3240,
SUPPORT 1: 3200,
SUPPORT 2: 3180.
STRATEGY: BUY ON DIPS
The NCDEX Dhaniya Aug futures consolidate by 0.40% in the last trading to close at 7370 level on Monday. Coriander futures traded higher on NCDEX as speculators built up fresh positions, tracking improved demand at the spot market. Besides, limited arrivals from major producing belts also added support to coriander prices’ uptrend.
DHANIYA (AUGUST) TECHNICAL VIEW:
TREND: MIXED TO BULLISH
RESISTANCE 2: 7520,
RESISTANCE 1: 7450,
SUPPORT 1: 7300,
SUPPORT 2: 7250.
STRATEGY: BUY ON DIPS
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