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The NCDEX Turmeric Apr futures slipped by -1.25% in the last trading to close at 7600 level till Wednesday closing at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric on NCDEX settled up by 1.2% at 7938 amid firm physical demand and expectation of improved up-country demand from the new season kept spot high. Moreover, reports on low acreage for turmeric cultivation also boosted the uptrend. The supplies have improved during last one month due to government auctions and lower exports data. The export of turmeric is down by 15.2% to 56,900 tonnes for the first 6 month of FY 2017/18 compared to last years’ exports. The arrivals have been higher during first 15 days in December this year to 15,021 tonnes compared to 7,877 tonnes last year same month according to data.
TURMERIC (APR) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 7820
RESISTANCE 1: 7710
SUPPORT 1: 7530
SUPPORT 2: 7470
STRATEGY: SELL ON RISE
The NCDEX Soyabean Jan futures surged up by 0.65% in the last trading to close at 3098 level till Wednesday 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: 3120
RESISTANCE 1: 3110
SUPPORT 1 :3080
SUPPORT 2:3060
STRATEGY: BUY ON DIPS
The NCDEX Guarseed Jan futures is surged up by 0.76% in the last trading to close at 4153 level till Wednesday 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: 4190
RESISTANCE 1: 4170
SUPPORT 1: 4120
SUPPORT 2 :4090
STRATEGY: BUY ON DIPS
The NCDEX Jeera Jan futures slipped by -0.56% in the last trading to close at 21375 level on Wednesday. Jeera on NCDEX settled up by 2.31% at 21675 amid increased demand from domestic and overseas market. However, reports on good sowing progress in major producing areas and low demand in spot markets capped further gains. Jeera sowing in Gujarat jumped to 348,100 hectare from 256,000 hectares a year ago and traders are hoping further increase in area as ruling prices are attractive and weather in favourable. Weather conditions are good in Gujarat and Rajasthan which is expected to increase sowing of jeera by the end of this week. India's 2016-17 cumin output fell to 489,000 ton from 503,000 ton a year ago and as a result stocks with traders and farmers are stated to lower. Apprehensions of drop in supplies in the days may support prices to trade higher. India jeera is stated to cheaper as compared to that of Syria and Turkey in global markets and is in good demand.
JEERA (JAN) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 21600
RESISTANCE 1: 21500
SUPPORT 1: 21300
SUPPORT 2: 21200
STRATEGY: SELL ON RISE
The NCDEX Turmeric Apr futures slipped by -1.25% in the last trading to close at 7600 level till Wednesday closing at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric on NCDEX settled up by 1.2% at 7938 amid firm physical demand and expectation of improved up-country demand from the new season kept spot high. Moreover, reports on low acreage for turmeric cultivation also boosted the uptrend. The supplies have improved during last one month due to government auctions and lower exports data. The export of turmeric is down by 15.2% to 56,900 tonnes for the first 6 month of FY 2017/18 compared to last years’ exports. The arrivals have been higher during first 15 days in December this year to 15,021 tonnes compared to 7,877 tonnes last year same month according to data.
TURMERIC (APR) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 7820
RESISTANCE 1: 7710
SUPPORT 1: 7530
SUPPORT 2: 7470
STRATEGY: SELL ON RISE
The NCDEX Soyabean Jan futures surged up by 0.65% in the last trading to close at 3098 level till Wednesday 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: 3120
RESISTANCE 1: 3110
SUPPORT 1 :3080
SUPPORT 2:3060
STRATEGY: BUY ON DIPS
The NCDEX Guarseed Jan futures is surged up by 0.76% in the last trading to close at 4153 level till Wednesday 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: 4190
RESISTANCE 1: 4170
SUPPORT 1: 4120
SUPPORT 2 :4090
STRATEGY: BUY ON DIPS
The NCDEX Jeera Jan futures slipped by -0.56% in the last trading to close at 21375 level on Wednesday. Jeera on NCDEX settled up by 2.31% at 21675 amid increased demand from domestic and overseas market. However, reports on good sowing progress in major producing areas and low demand in spot markets capped further gains. Jeera sowing in Gujarat jumped to 348,100 hectare from 256,000 hectares a year ago and traders are hoping further increase in area as ruling prices are attractive and weather in favourable. Weather conditions are good in Gujarat and Rajasthan which is expected to increase sowing of jeera by the end of this week. India's 2016-17 cumin output fell to 489,000 ton from 503,000 ton a year ago and as a result stocks with traders and farmers are stated to lower. Apprehensions of drop in supplies in the days may support prices to trade higher. India jeera is stated to cheaper as compared to that of Syria and Turkey in global markets and is in good demand.
JEERA (JAN) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 21600
RESISTANCE 1: 21500
SUPPORT 1: 21300
SUPPORT 2: 21200
STRATEGY: SELL ON RISE
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
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