Turmeric Aug futures traded on a slipped on Tuesday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by -0.55% to 7950 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: 8070,
RESISTANCE 1: 8000,
SUPPORT 1: 7870,
SUPPORT 2: 7800.
STRATEGY: SELL ON RISE
The NCDEX Soya bean October futures slipped by -0.36% in the last trading to close at 3869 level till Tuesday closing. India’s soybean output is estimated to be the lowest in 11 years in crop year 2015-16 (JulyJune), after two years of drought, resulting in crop damage and a fall in yield. Data compiled by the Soybean Processors’ Association of India (SOPA) showed that output at 7.5 million tons (mt) this time, against 10.4 mt the previous year, a decline of 27%..
SOYABEAN (OCTOBER) TECHNICAL VIEW:
TREND: MIXED TO BULLISH
RESISTANCE 2:3950,
RESISTANCE 1:3910,
SUPPORT 1: 3850,
SUPPORT 2: 3830.
STRATEGY: BUY ON DIPS
Guarseed futures traded on a Positive note increased demand on Tuesday (5.00PM). Gaurseed October contract gained 4.00% to 3481 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: 3560,
RESISTANCE 1:3520,
SUPPORT 1: 3400,
SUPPORT 2: 3320.
STRATEGY: BUY ON DIPS
The NCDEX Dhaniya Aug futures slipped by -0.33% in the last trading to close at 7202 level on Tuesday. Coriander futures edged higher on NCDEX as speculators enlarged their holdings on the back of improved demand at the spot market. Further, restricted arrivals from major growing regions also added support to coriander prices’ uptrend.
DHANIYA (AUGUST) TECHNICAL VIEW:
TREND: MIXED TO BEARISH
RESISTANCE 2: 7300,
RESISTANCE 1: 7250,
SUPPORT 1: 7170,
SUPPORT 2: 7150.
STRATEGY: SELL ON RISE
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