Turmeric Aug futures traded on a slipped on Friday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by -1.18% to 8176 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 BEARISH
RESISTANCE 2: 8370,
RESISTANCE 1: 8320,
SUPPORT 1: 8240,
SUPPORT 2: 8210.
STRATEGY: SELL ON RISE
The NCDEX Soya bean October futures surged up by 0.55% in the last trading to close at 3840 level till Friday 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 2:3940,
RESISTANCE 1:3885,
SUPPORT 1: 3790,
SUPPORT 2: 3740.
STRATEGY: BUY ON DIPS
Guarseed futures traded on a Negative note decreased demand on Friday (5.00PM). Gaurseed October contract lost -1.51% to 3330 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: MIXED TO BULLISH
RESISTANCE 2: 3440,
RESISTANCE 1:3380,
SUPPORT 1: 3300,
SUPPORT 2: 3270.
STRATEGY: BUY ON DIPS
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