Turmeric May futures traded on a slipped Friday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by -0.43% to 6058 level at NCDEX. Trend remained weak for Turmeric even as prices found very strong support at the psychological 6000 mark. Lack of demand on the domestic (from North India) and export front amidst favorable Monsoon report ensured prices did not recover much even as it traded near the psychological support of 6000. Reports of low production and crop damage with farmers reportedly getting adversely affected in AP and Telengana have been noted.
TURMERIC (MAY) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 6200,
RESISTANCE 1: 6150,
SUPPORT 1: 6000,
SUPPORT 2: 5950.
STRATEGY: SELL ON RISE
The NCDEX Soyabean May futures slipped by -0.37% in the last trading to close at 2929 level till Friday closing. Soybean failed to sustain at higher levels as buying interest stood lower against weakening trend in US soybean. However medium term fundamentals remains strong due to falling stocks, lesser arrivals and stable demand, hence soybean shall tend to recover in coming sessions. The April month’s USDA supply and demand report of oilseed complex was released last week and although the report was bearish, the projections were already factored in by the hedge funds.
SOYABEAN (MAY) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2:2980,
RESISTANCE 1:2950,
SUPPORT 1: 2920,
SUPPORT 2: 2900.
STRATEGY: SELL ON RISE
Guarseed futures traded on a Positive note increased demand on Friday (5.00PM). Gaurseed May contract gained 0.08% to 3852 levels. Favorable Monsoon reports amidst possibilities of its arrival before time are keeping sentiments weak for Guar. Its impact is likely to be temporary—but if monsoon arrives before time, then some more dips can be possible. Reports of lower production are likely to support prices. As per latest Rajasthan Agricultural dept report, production there is expected to fall to 14.04 lakh tons vs 22.23 lakh tons previous year. The sowing area has fallen to 35 lakh ha due to low rates seen over last 2-3 years.
GAURSEED (MAY) TECHNICAL VIEW:
TREND: CONSOLIDATE
RESISTANCE 2: 3950,
RESISTANCE 1:3900,
SUPPORT 1: 3800,
SUPPORT 2: 3770.
STRATEGY: SELL ON RISE
The NCDEX Dhaniya May futures Slipped by -0.98% in the last trading to close at 6597 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 (MAY) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 6800,
RESISTANCE 1: 6700,
SUPPORT 1: 6500,
SUPPORT 2: 6400.
STRATEGY: SELL ON RISE
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