DAILY AGRI REPORT 20 AUG 2013
TURMERIC
Indian turmeric futures rose on Monday on fresh export demand, while expectations of a pick
up in the local demand ahead of festivals aided sentiment. It should recover now because prices
are at an attractive level. Demand from north India is also expected to pick up ahead of
festivals.
TURMERIC (SEP.) TECHNICAL VIEW:
TREND: BULLISH
SUPPORT 1: 4738,
SUPPORT 2: 4660,
RESISTENCE 1: 4992,
RESISTENCE 2: 5116,
STRATEGY: BUY ON DIPS.
SOYABEAN
Indian soyoil futures rose more than 1 percent on Monday to hit their highest level in more
than 5 weeks, while soybean jumped 3 percent on weak rupee and following gains in the world
market. Rapeseed futures also edged higher on the weak rupee that makes edible oil imports
expensive, but raises the returns of oilmeal exporters. The Indian rupee fell to a record low on
Monday and looked poised for further losses, with a series of measures unveiled last week
failing to stall its decline. Malaysian palm oil futures gained on Monday to the highest in over a
month, tracking firm soybean markets and on investor optimism ahead of exports data.
SOYABEAN TECHNICAL VIEW:
TREND: BULLISH
SUPPORT 1: 3094,
SUPPORT 2: 3048,
RESISTENCE 1: 3205,
RESISTENCE 2: 3265,
STRATEGY: BUY ON DIPS.
CHANA
Indian chana, or chickpea, futures fell due to higher supplies and on expectations of a rise in the
production of summer-sown pulses. Supplies are sufficient in the domestic market. Chana
prices are expected to consolidate at these levels because prices have already fallen a lot.
However, traders expect the festive demand to support prices in the near term. Retail demand
for chana flour is likely to pick up in the coming days, ahead of festivals such as Rakshabandhan
and Ganesh Chaturthi.
CHANA (SEP.) TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 2867,
SUPPORT 2: 2810,
RESISTENCE 1: 2975,
RESISTENCE 2: 3038.
STRATEGY: BUY ON DIPS.
DHANIYA
Dhaniya rose in future trade on monday and chances of good buying trend by speculators in
future trade in dhaniya.
DHANIYA (SEP.) TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 5600,
SUPPORT 2: 5535,
RESISTENCE 1: 5816,
RESISTENCE 2: 5927.
STRATEGY: BUY ON DIPS.
TURMERIC
Indian turmeric futures rose on Monday on fresh export demand, while expectations of a pick
up in the local demand ahead of festivals aided sentiment. It should recover now because prices
are at an attractive level. Demand from north India is also expected to pick up ahead of
festivals.
TURMERIC (SEP.) TECHNICAL VIEW:
TREND: BULLISH
SUPPORT 1: 4738,
SUPPORT 2: 4660,
RESISTENCE 1: 4992,
RESISTENCE 2: 5116,
STRATEGY: BUY ON DIPS.
SOYABEAN
Indian soyoil futures rose more than 1 percent on Monday to hit their highest level in more
than 5 weeks, while soybean jumped 3 percent on weak rupee and following gains in the world
market. Rapeseed futures also edged higher on the weak rupee that makes edible oil imports
expensive, but raises the returns of oilmeal exporters. The Indian rupee fell to a record low on
Monday and looked poised for further losses, with a series of measures unveiled last week
failing to stall its decline. Malaysian palm oil futures gained on Monday to the highest in over a
month, tracking firm soybean markets and on investor optimism ahead of exports data.
SOYABEAN TECHNICAL VIEW:
TREND: BULLISH
SUPPORT 1: 3094,
SUPPORT 2: 3048,
RESISTENCE 1: 3205,
RESISTENCE 2: 3265,
STRATEGY: BUY ON DIPS.
CHANA
Indian chana, or chickpea, futures fell due to higher supplies and on expectations of a rise in the
production of summer-sown pulses. Supplies are sufficient in the domestic market. Chana
prices are expected to consolidate at these levels because prices have already fallen a lot.
However, traders expect the festive demand to support prices in the near term. Retail demand
for chana flour is likely to pick up in the coming days, ahead of festivals such as Rakshabandhan
and Ganesh Chaturthi.
CHANA (SEP.) TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 2867,
SUPPORT 2: 2810,
RESISTENCE 1: 2975,
RESISTENCE 2: 3038.
STRATEGY: BUY ON DIPS.
DHANIYA
Dhaniya rose in future trade on monday and chances of good buying trend by speculators in
future trade in dhaniya.
DHANIYA (SEP.) TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 5600,
SUPPORT 2: 5535,
RESISTENCE 1: 5816,
RESISTENCE 2: 5927.
STRATEGY: BUY ON DIPS.
0 Comments