TURMERIC
Lack of strong demand in mandis amidst rising new crop arrivals kept the pressure on Turmeric prices. Arrivals of the new crop in some areas in TN amidst prospects of rising arrivals from other regions in coming weeks— prevented strong uptrend. Traders waited for new crop arrivals before initiating fresh demand. Markets talks suggest that a significant drop in sowing in regions across Erode due to a drought-like situation last year. As per trader estimates, production is expected to fall to 1-3 lakh bags from the normal 15-20 lakh bags seen on an average. This lower production will be to some extent compensated by a higher production expectation from AP and Maharashtra.
TURMERIC (APR) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 7450
RESISTANCE 1: 7380
SUPPORT 1: 7240
SUPPORT 2: 7160
STRATEGY: SELL ON RISE
SOYABEAN
The NCDEX Soyabean Feb futures surged up by 3.98% in the last trading to close at 3499 level till Monday closing.
Moderate firmness was noted for Soybean as positive global cues and lower arrivals helped it maintaining the uptrend. Outlook for this month shall remain bullish. India’s harvest season, subdued export demand for soymeal and estimations of sufficient amount of inventory lying with stockists had been capping the upside just a few months, back, but as parity in exporting Indian soymeal has re-established and harvest season nears completion, any sharp fall is ruled out. USDA’s recent supply-demand report was slightly bearish but that was already factored in by global trade participants, therefore, soybean and US soy complex traded with bullish mood yesterday. Technically NCDEX Feb soybean will tend to remain firm as long as finds support above 3210-3220 levels.
SOYABEAN (FEB) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 3580
RESISTANCE 1: 3540
SUPPORT 1 : 3420
SUPPORT 2: 3340
STRATEGY: BUY ON DIPS
GUARSEED
The NCDEX Guarseed Feb futures is surged up by 2.99% in the last trading to close at 4404 level till Monday closing.
After falling throughout last week, prices recovered for Guar towards the end of the week. Even as export demand remained weak, traders anticipate a firmness in Crude oil may well ensure a rise in exports in coming weeks. Moving forward, guar is likely to touch at least 5000, while guar gum might see levels of 10000 or even above. Upward trend is expected in medium term also because of rising concerns on production front from recent crop losses, due to excess rains in Rajasthan, just a few months back. Lowering inventories will be another bullish factor.
GUARSEED (FEB) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 4480
RESISTANCE 1: 4440
SUPPORT 1: 4330
SUPPORT 2 : 4260
STRATEGY: BUY ON DIPS
JEERA
The NCDEX Jeera Feb futures slipped by -0.21% in the last trading to close at 16525 level on Monday.
Markets traded weak for Jeera last week with no strong demand being reported amidst quality concern reports. Any adverse weather conditions in Gujarat/Rajasthan may cause prices to recover from these levels. Rains are beneficial for crop growth. A cooler weather would also be beneficial for it. Even as sowing is expected to be higher with a shifting of other crops towards Jeera due to the high prevailing rates, a delayed sowing in Gujarat (due to the warmer climate) may have some adverse impact on the crop productivity and its arrivals. Exports from China have reportedly been on the rise. Demand from Gulf countries to has shifted to India as geopolitical tensions in Turkey and Syria adversely affected the production and the exports from there. India became a major beneficiary.
JEERA (FEB) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 16720
RESISTANCE 1: 16620
SUPPORT 1: 16460
SUPPORT 2: 16400
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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