Turmeric May futures traded on a slipped Tuesday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by -0.03% to 6212 level at NCDEX. Trend remained weak for Turmeric as poor demand from North India, reports of low production and crop damage with farmers reportedly getting adversely affected in AP and Telengana kept pressurizing prices. Rising arrivals of new crop had been pressurizing prices. There are expectations of demand slowly picking up with arrivals of the new crop falling. However, near term market sentiments still look weak.
TURMERIC (MAY) TECHNICAL VIEW:
TREND: CONSOLIDATE
RESISTANCE 2: 6350,
RESISTANCE 1: 6300,
SUPPORT 1: 6150,
SUPPORT 2: 6100.
STRATEGY: BUY ON DIPS
The NCDEX Soyabean May futures slipped by -2.07% in the last trading to close at 2984 level till Tuesday closing. The April month’s USDA supply and demand report of oilseed complex was released yesterday and although the report was bearish, the projections were already factored in by the hedge funds. As a result domestic soybean posted some gains yesterday. For today’s session expect May soybean to move upward in case stays above 2965 during greater part of the day. Global oilseed production is forecast in this month’s USDA report is projected higher this month. Soybean production is up for Brazil, Argentina, Paraguay, and Uruguay.
SOYABEAN (MAY) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2:3050,
RESISTANCE 1:3030,
SUPPORT 1: 2950,
SUPPORT 2: 2920.
STRATEGY: SELL ON RISE
Guarseed futures traded on a Positive note increased demand on Tuesday (5.00PM). Gaurseed May contract gained 0.70% to 3895 levels. After the recent dips in prices, Guar rates shot up again as firmness in crude oil kept possibilities of further rise in export demand in coming days as uncertainty over Monsoon reports kept trend very volatile. With IMD predicting the El Nino factor to impact only later on during the monsoon season, the adverse impact on Guar sowing starting June may be low. Normal rains during June-July would have favorable impact on Guar sowing. However Skymet has predicted a lower than normal monsoon this year.
GAURSEED (MAY) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 3980,
RESISTANCE 1:3950,
SUPPORT 1: 3830,
SUPPORT 2: 3800.
STRATEGY: SELL ON RISE
The NCDEX Dhaniya May futures Surged up by 0.13% in the last trading to close at 6850 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 (MAY) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 7050,
RESISTANCE 1: 6950,
SUPPORT 1: 6800,
SUPPORT 2: 6700.
STRATEGY: SELL ON RISE
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