Turmeric July futures surged up on Monday (5:00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric is increased by 3.15% to 5954 level at NCDEX.
The downtrend may be limited this week on account of reports of stocking interest specially at Erode market, and decreasing stocks will be supportive for prices in near term. However favorable monsoon reports amidst high stocks and lack of strong local demand shall not allow prices to show any sharp upward rally. With sowing starting in June, early arrivals and better prospects for rains could be good for the crop sowing.
TURMERIC (JULY) TECHNICAL VIEW:
CS TURMERIC (JULY) OVERVIEW:
TREND: BULLISH
RESISTANCE 2: 6130
RESISTANCE 1: 6040
SUPPORT 1: 5820
SUPPORT 2: 5700
STRATEGY: BUY ON DIPS
The NCDEX Soyabean July futures surged up by 1.25% in the last trading to close at 2835 level till Monday closing.
Soybean currently displays some strength because of positive cues from global wheat markets which is prompting the Fund houses to expect some gains in soybean. Wheat and soybean find use in animal feed rations, therefore a bullish impact in near future in wheat will be translated in soybean as well. However as stated earlier, chances of long lasting uptrend are quite low because of satisfactory report, talks of sufficient amount of inventory lying with stockists and reports of timely onset of monsoons, beneficial for sowing of soybean.
SOYABEAN (JULY) TECHNICAL VIEW:
CS SOYABEAN (JULY) OVERVIEW:
TREND: BULLISH
RESISTANCE 2: 2880
RESISTANCE 1: 2850
SUPPORT 1: 2800
SUPPORT 2: 2780
STRATEGY: SELL ON RISE
The NCDEX Guarseed July futures slipped by -2.62% in the last trading to close at 3453 level till Monday closing.
Prospects of early arrival and normal monsoon reports had pressurized sentiments in recent weeks as guar is highly sensitive to Monsoon rains. But currently spot demand remains stable and arrival pace is quite slow these days which explains guar complex maintaining strong trend. The upside might be limited in coming weeks due to improving rainfall situation in the state of Rajasthan. The near term support of July guar is now seen as 3350-3375. As per latest Rajasthan Agri dept report, production there is expected to fall to 14.04 lakh tons vs 22.23 lakh tons previous year.
GAURSEED (JULY) TECHNICAL VIEW:
CS GUARSEED (JULY) OVERVIEW :
TREND: BULLISH
RESISTANCE 2: 3600
RESISTANCE 1: 3530
SUPPORT 1: 3410
SUPPORT 2: 3370
STRATEGY: BUY ON DIPS
The NCDEX Dhaniya July futures surged up by 3.10% in the last trading to close at 5219 level on Monday.
In the month of April, where Coriander zoomed up with high pace, it slipped down with double pace now. The price of Coriander has been slipped down to its low level after august 2013. There has been pressure of coriander due year ending stock and week export demand. however this year's production is being reported less last year. Price have not able to keep pace with heavy stock.
DHANIYA (JULY) TECHNICAL VIEW:
CS DHANIYA (JULY) OVERVIEW:
TREND: BULLISH
RESISTANCE 2: 5350
RESISTANCE 1: 5280
SUPPORT 1: 5100
SUPPORT 2: 5000
STRATEGY: BUY ON DIPS
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