The NCDEX Turmeric Apr futures surged up by 0.75% in the last trading to close at 7768 level till Friday closing at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric kept trading firm as it found some strong support at these lower levels after the recent dips - with expectations of export rising in coming week before Christmas. Reports of lower sowing prospects can support markets this week and prices on Monday or Tuesday after moderate fall in prices. Heavy rains forecast for AP over next 2 days may have adverse impact on the standing crop—as per traders. Reports from Erode in Tamil Nadu indicate a drastic fall in sowing in those regions due to a drought like situation this year.
TURMERIC (APR) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 7970
RESISTANCE 1: 7870
SUPPORT 1: 7660
SUPPORT 2: 7550
STRATEGY: BUY ON DIPS
The NCDEX Soyabean Jan futures slipped by -0.36% in the last trading to close at 3067 level till Friday closing. Tone remains positive in soybean due to the recent hike in import duty of edible oils and soybean. As stated in the notification the duty on soya bean has been increased to 45 per cent from 30 per cent. Since prices of all oilseeds had gone below the MSP and there was a sense of deep distress and despondency in the minds of farmers, this move by the government has been welcomed by oilseed industry. Soybean is sometimes imported, although at nominal quantity hence rise in import duty will be seen as beneficial in enabling farmers increasing their income. December soybean is likely to trade with upward bias this week, and between 2975-3075 levels. Harvest season, subdued export demand for soymeal and estimations of sufficient amount of inventory lying with stockists had been capping the upside so far, but now there is parity in exporting Indian soymeal while harvestseason is coming to end hence not much downside expected now.
SOYABEAN (JAN) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 3100
RESISTANCE 1: 3085
SUPPORT 1 : 3050
SUPPORT 2: 3040
STRATEGY: BUY ON DIPS
The NCDEX Guarseed Jan futures is slipped by -0.15% in the last trading to close at 4033 level till Friday closing. After the recent dips in prices, markets shot up again for Guar as it again neared the psychological 9000 mark. Firmness in Crude oil rates supported market sentiments for the counter as exports remained firm ahead of new year holidays. Fundamentals remained strong hence downside was capped. Rising export demand and concerns on production front from recent crop losses, due to excess rains in Rajasthan, just few months back, will be supporting guar in coming months. Lowering inventories too are bullish factors. The new crop arrivals shall continue in mandis for few more weeks and that might cap the upside. But with prices turning significantly cheap and export demand prospects improving, smart upside rallies are expected in near term.
GUARSEED (JAN) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 4095
RESISTANCE 1: 4065
SUPPORT 1: 4005
SUPPORT 2: 3975
STRATEGY: BUY ON DIPS
The NCDEX Jeera Jan futures slipped by -1.14% in the last trading to close at 21310 level on Friday. Prices kept finding strong Resistance at the higher levels for Jeera as traders waited for some dips before initiating fresh demand in mandis. Any adverse weather conditions in Gujarat/ Rajasthan may cause prices to recover from these levels. Traders anticipate the export demand to start rising in the mandis as elections got over in Gujarat. Rains are beneficial for the crop growth. A cooler weather would also be beneficial for the crop. Good export demand is noted from China. Demand from Gulf countries too has shifted to India as geo-political tensions in Turkey and Syria adversely affected the production and the exports from there. India became major beneficiary.
JEERA (JAN) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 21700
RESISTANCE 1: 21500
SUPPORT 1: 21150
SUPPORT 2: 21000
STRATEGY: SELL ON RISE
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