TURMERIC (APR) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 7170
RESISTANCE 1: 7080
SUPPORT 1: 6900
SUPPORT 2: 6800
STRATEGY: SELL ON RISE
The NCDEX Soyabean Feb futures slipped by -0.92% in the last trading to close at 3771 level till Wednesday closing. Soybean gave back morning gains mainly due to profit taking. 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 in coming weeks. March soybean in the currently week is expected to find strong support region between 3710-20 levels. Domestic fundamentals are firm therefore expect soybean to maintain the bullish trend this month as well. Although US production has been estimated higher but as per experts the U.S. soybean’s production surplus seems insufficient to offset the global demand patterns (A bullish inference overall). For the current month March soybean is unlikely to break the 3650- 3700 support region comfortably, and except marginal dips prices are most likely to move towards new highs gradually.
SOYABEAN (MARCH) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 3810
RESISTANCE 1: 3790
SUPPORT 1 : 3740
SUPPORT 2: 3715
STRATEGY: SELL ON RISE
The NCDEX Guarseed Feb futures is surged up by 0.37% in the last trading to close at 4421 level till Wednesday closing. Prices failed to hold onto the higher levels as profit booking set in. However, firmness in Crude oil rates and slight firmness in Dollar vs Rupee are likely to support market sentiments. Traders anticipate the export demand to start rising at these lower levels in coming weeks as long term trend remains Bullish. 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. Increased exports of guar gum during last year have been encouraging due to increasing rig count in the US.
GUARSEED (MARCH) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 4490
RESISTANCE : 4450
SUPPORT 1: 4380
SUPPORT 2 :4340
STRATEGY: BUY ON DIPS
The NCDEX Jeera March futures is surged up by 2.15% in the last trading to close at 15690 level on Wednesday. Rising arrivals of the new crop amidst better crop expectations kept pressure on Jeera market sentiments as traders wait for some more dips before initiating demand for the fresh crop. Recent reports of apprehensions of crop damage in parts of Gujarat from climatic fluctuations may not be strong to support prices for now as overall production is expected to be higher this year. Even as sowing is expected to be higher with shifting of other crop towards Jeera due to high prevailing rates, delayed sowing in Gujarat (due to warmer climate) may have some adverse impact on the crop productivity and its arrivals. Export demand from China rises and from Gulf countries too has shifted to India as geo-political tensions in Turkey and Syria adversely affected production and exports from there.
JEERA (MARCH) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 16050
RESISTANCE 1: 15870
SUPPORT 1: 15420
SUPPORT 2: 15150
STRATEGY: SELL ON RISE
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