Sunday, 18 December 2016

AGRI COMMODITY MARKET TIPS & LEVELS - 19 DEC 2016


Turmeric April futures traded on a slipped Friday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by -0.68% to 7000 level at NCDEX. Moderate firm trend persisted for Turmeric even as low volumes were noted in the futures market. Overall trend remained firm however for the medium term on falling stocks as demand is expected to recover after some more corrections in prices New crop arrivals are still far away from Dec onwards, and this could keep overall market sentiments bullish for the time being.
TURMERIC (APRIL) TECHNICAL VIEW: 
TREND:MIXED TO BEARISH 
RESISTANCE 2: 7200, 
RESISTANCE 1: 7050, 
SUPPORT 1: 6950, 
SUPPORT 2: 6900. 
STRATEGY: SELL ON RISE

The NCDEX Soyabean Jan futures slipped by -0.97% in the last trading to close at 3050 level till Friday closing. Domestic market was supported from news of US soybean export picking up, in addition to renewed buying interest against lower price levels. News of stock limits being eased by the Maharashtra government added to the positive tone. The Government of Maharashtra has announced on Monday to cancel buying limits which implies that now plants shall be prompted to buy in bulk quantities when needed. This will be supportive for prices in coming days.
SOYABEAN (JANUARY) TECHNICAL VIEW: 
TREND: MIXED TO BEARISH 
RESISTANCE 2:3130, 
RESISTANCE 1:3100, 
SUPPORT 1: 3030, 
SUPPORT 2: 3000. 
STRATEGY: SELL ON RISE

Guarseed futures traded on a Negative note decreased demand on Friday (5.00PM). Gaurseed Jan contract lost -1.98% to 3261 levels. Firm trend was noted for Guar even as profit booking set in at the higher levels. With exports slowly picking up for the new crop amidst firm Dollar vs Rupee, falling stocks and the present low rates added to the bullish sentiments. Fundamentals remain slight firm with falling stocks in domestic and International markets. 
GAURSEED (JANUARY) TECHNICAL VIEW: 
TREND: MIXED TO BEARISH 
RESISTANCE 2: 3400, 
RESISTANCE 1:3330, 
SUPPORT 1: 3220, 
SUPPORT 2: 3190. 
STRATEGY: SELL ON RISE

The NCDEX Dhaniya Jan futures surged up by 0.85% in the last trading to close at 7734 level on Friday. 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 (JANUARY) TECHNICAL VIEW: 
TREND: MIXED TO BEARISH 
RESISTANCE 2: 7850, 
RESISTANCE 1: 7800, 
SUPPORT 1: 7500, 
SUPPORT 2: 7450. 
STRATEGY: SELL ON RISE 

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