Turmeric Sep futures slipped on Friday (5:00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric is decreased by -0.38% to 7370 level at NCDEX.
NCDEX September Turmeric futures closed lower on Wednesday due to profit booking from the higher levels. However, the prices may get support on dry conditions in turmeric growing areas, slower sowing progress and good physical demand. In Telangana, turmeric acreage as on 29-Jul17, down 2.5% to 39,000 hectares as compared to last year acreage of 40,000 hectares Market arrivals dropped about 30% in July compared to June. As per Agmarknet data, about 19,218 tonnes arrived in July compared to 27,373 tonnes in previous month.
TURMERIC (SEP) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2:7570
RESISTANCE 1: 7470
SUPPORT 1: 7280
SUPPORT 2: 7190
STRATEGY: SELL ON RISE
The NCDEX Soyabean Oct futures surged up by 0.51% in the last trading to close at 3138 level till Friday closing.
NCDEX Soybean October futures closed lower for the third consecutive day on Wednesday as market participants liquidate their long positions on anticipation of steady demand for soybean in coming weeks due to sufficient supplies of edible oil in the country. Kharif Sowing of soybean fell so far during the period due to a drop in acreage in Madhya Pradesh, the country's largest producer of soybean, as most farmers shifted to more profitable crops such as cotton due to poor returns from oilseeds last year. As per government data, soybean planting fell 10.3% to 95.7 lakh hectares compared with the same period last year. Last year, the acreage was 106.7 lakh hectares.
SOYABEAN (OCT) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 3180
RESISTANCE 1: 3160
SUPPORT 1: 3100
SUPPORT 2: 3070
STRATEGY: SELL ON RISE
The NCDEX Guarseed Oct futures surged up by 3.63% in the last trading to close at 3906 level till Friday closing.
Moderate firm trend was noted for Guar even as the uptrend was limited by clearer skies in Rajasthan which traders expect would be good for the crop at this stage. However, the recent crop damage concerns from floods in Rajasthan may prevent too much fall as exports too start rising with skies clearing up. Firmness in Crude oil prices too supported market sentiments as exports continued to remain good and picked up further at these lower levels. With no new crop arrivals for now, overall market sentiments look firm for this counter. As per IMD, Rajasthan received 40.40mm of rainfall during the week 22 -28 June, 142% above the normal weighted average of 16.7 mm. In the first 28 days of the monsoon season (Jun-Sep), Rajasthan has received 65.9 mm of rainfall, 75% above normal rainfall.
GUARSEED (OCT) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 4010
RESISTANCE 1: 3960
SUPPORT 1: 3800
SUPPORT 2: 3710
STRATEGY: BUY ON DIPS
The NCDEX Dhaniya Sep futures surged up by 0.52% in the last trading to close at 4635 level on Friday.
Lack of buying activities due to heavy rainfall led to further decline in spot price. Arrivals of 3000 bags have been witnessed in Kota market. No change has been observed compared to previous day. Arrivals in Guna market (MP) have also been steady at 3000 bags. Smaller market like Ramganj has also observed lower arrivals of 1000 bags to a total of 5000 bags. Also during this week, arrivals in Gondal market have been in a steady range of 4000-5000 bags. Higher supply and weak domestic demand is expected to bring further decline in spot price for the day. There may be higher moisture content in coriander stocks due to heavy rain fall in Gujarat and Rajasthan. But overall trend is still bearish in the market.
DHANIYA (SEP) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 4730
RESISTANCE 1: 4680
SUPPORT 1: 4590
SUPPORT 2: 4550
STRATEGY: SELL ON RISE
Get real time advice from Our Best Advisory - Capitalstars
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance. CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
0 comments:
Post a Comment