The NCDEX Turmeric Apr futures is surged up by 0.47% in the last trading to close at 7250 level till Friday closing at India's National Commodity & Derivatives Exchange (NCDEX). There was no strong movement for Turmeric as it found good psychological support at 7000 with markets recovering after the recent fall. Sentiments still have not turned positive as new crop arrivals pick up with limited demand as of now, even as short term recovery gets noted. 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: SIDEWAYS
RESISTANCE 2: 7360
RESISTANCE 1: 7300
SUPPORT 1: 7190
SUPPORT 2: 7120
STRATEGY: BUY ON DIPS
The NCDEX Soyabean Feb futures surged up by -2.06% in the last trading to close at 3819 level till Friday closing. Slower arrival pace acts as an influencing bullish driver currently. There was profit taking at higher levels on Monday but in coming sessions, improving spot demand for soymeal and frequent reports of lower crop size of India and further drop in Argentine crop production outlook shall be supporting the oilseed. March soybean in the currently week is expected to find strong support region between 3740-60 levels. We expect same fundamentals to continue influencing soybean prices and In case soymeal demand remains firm then expect the new highs in coming sessions. The USDA report released last Thursday overall suggests limited downside in global soybean prices in coming months. From the USDA report reaction by the global oilseed markets it seems that the hedge funds are factoring in mainly on the global stock drawdowns – the USDA further lowered the globalsoybean end stock estimate from its previous month’s estimate.
SOYABEAN (MARCH) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 3910
RESISTANCE 1: 3860
SUPPORT 1 : 3750
SUPPORT 2: 3690
STRATEGY: BUY ON DIPS
The NCDEX Guarseed Feb futures is surged up by 1.84% in the last trading to close at 4436 level till Friday closing. Moderate weakness persisted for Guar after the recent highs as profit booking at the higher levels amidst lower demand on the export front from falling crude oil prices kept pressure on market sentiments. Guarseed is facing strong resistance at 5000 as Gum trades near the 10000 mark. Medium term trend remains up due to rising concerns on production front from recent crop losses, due to excess rains in Rajasthan, just few months back. Lowering inventories will be another bullish factor. The new crop arrivals shall drop further thereby offering further support.
GUARSEED (MARCH) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 4520
RESISTANCE : 4480
SUPPORT 1: 4390
SUPPORT 2 : 4340
STRATEGY: SELL ON RISE
The NCDEX Jeera March futures is slipped by -0.03% in the last trading to close at 15840 level on Friday. Trend weakened for Jeera since last few weeks as expected rise in new crop arrivals amidst lack of strong demand kept trend down for the commodity. Short term fundamentals are not strong for now. Even as sowing is expected to be higher with shifting of other crop towards Jeera due to the high prevailing rates, a delayed sowing in Gujarat (due to 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 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 (MARCH) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 16000
RESISTANCE 1: 15900
SUPPORT 1: 15750
SUPPORT 2: 15650
STRATEGY: SELL ON RISE
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