The NCDEX Turmeric Apr futures is slipped by -1.86% in the last trading to close at 6334 level till Monday closing at India's National Commodity & Derivatives Exchange (NCDEX). Sideways trend persisted for Turmeric as prices are looking to find some support at these lower levels. Low trading activities in mandis kept pressure on prices last week. Prices faced strong resistance near the 7000 mark. However, falling arrivals amidst rise in demand at these lower levels are likely to support prices in coming weeks. As new crop arrivals gradually come down with harvesting season getting over, demand started poring in and supporting the falling market sentiments. Technically the daily charts are now strongly oversold. April turmeric had posted high above 8000 last year amid expectations of rising export prospects and talks of lower sowing prospects versus last year but could not sustain above 8000 and trend had been on the lower side since then.
TURMERIC (APR) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 6450
RESISTANCE 1: 6400
SUPPORT 1: 6250
SUPPORT 2: 6150
STRATEGY: SELL ON RISE
The NCDEX Soyabean Apr futures slipped by -0.03% in the last trading to close at 3803 level till Monday closing. With no major bearish news available in commodity markets especially oil complex, soybean ended the day on strong note. The recent report of drop in export sales from India during February month versus January month has checked the upside of soybean lately. But last Fridays’ report of further drop in crop prospects of South America shall prevent the downside now. As per sources the production losses in Argentina are shifting more of the world’s soybean demand to Brazil. Brazil will be producing much higher soybeans than Argentina therefore will turn out to be the leading South American exporter of soybean to the world. Brazil’s 2017/18 soybean harvest is now pegged at 113 million tons. The USDA in its March month’s report had trimmed US exports again by 35 million bushels, but increased crush by 10 million bushels. As a result the U.S. supplies increased to 555 million bushels. The World Supply scenario in the same report however stood positive like previous month.
SOYABEAN (APR) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 3880
RESISTANCE 1: 3840
SUPPORT 1 : 3780
SUPPORT 2: 3760
STRATEGY: SELL ON RISE
The NCDEX Guarseed Apr futures is slipped by -1.88% in the last trading to close at 4023 level till Monday closing. Trend remained slight weak for Guar but prices did seem to find immediate support at these lower levels. Normal monsoon predictions by Skymet good for Guar sowing prospects from June onwards. Also with IMD’s recent bulletin on possibilities of good Monsoon this year, any recovery looks limited for now. Recovery in crude oil prices could brighten the export prospects keeping long term trend bullish. Lack of strong demand, higher stocks have kept trend down in short term however. Medium term outlook looks firm however as Guar seed production is expected to lower versus last year while guar gum demand remains better than previous years and likely to remain better in coming months.
GUARSEED (APR) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 4140
RESISTANCE : 4080
SUPPORT 1 : 3990
SUPPORT 2 : 3960
STRATEGY: SELL ON RISE
The NCDEX Jeera Apr futures is slipped by -0.87% in the last trading to close at 14810 level on Monday. Jeera rates found strong support at the lower levels as demand started rising in the mandis amidst falling arrivals. There could be moderate recovery in prices by end of the week. Slowing down of new crop arrivals from Gujarat / Rajasthan are likely to support market sentiments. Traders too anticipate further fall to be limited as prices have fallen a lot over last few months. The demand for the new crop is expected to rise at these lower levels in coming days. Due to high prevailing rates last year, more sowing was done for this crop. Good rains in Gujarat and Rajasthan further boosted productivity aspects and traders estimate the crop to be between 65-75 lakh bags. Jeera acreage in Gujarat is up by 38% to 3.83 lakh hectares as on 15-Jan-18. Acreage was 2.88 lakh ha at that same time. Demand on the domestic front is set to increase from April onwards. Export demand too is expected to rise at these lower levels – aided by a firm Dollar vs Rupee.
JEERA (APR) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 15000
RESISTANCE 1: 14900
SUPPORT 1: 14750
SUPPORT 2: 14670
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
0 comments:
Post a Comment