This newsletter provides a market wrap and technical analysis of various agricultural commodities. Turmeric and jeera prices are expected to remain firm or regain due to short covering and domestic demand. Pepper and soybean prices may decline due to rising arrivals and losses. Most commodities are expected to trade in a consolidated range, with strategies to sell on intraday highs. The technical views indicate bearish or consolidating trends for many commodities.

1. Daily Newsletter Agri Commodity
Newsletter-Agri
20/04/2011
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MARKET WRAP
Turmeric surges on short covering
Jeera regains on domestic demand
Pepper settles down on rising arrivals
Soya bean, soy oil seen extending losses
Chana hits contract low
Guar gains on weak arrivals
Mentha drops on subdued demand
Cardamom falls on profit booking
Turmeric prices in the intraday will trade firm due to improved buying by the market
participants. Stockiest at the market are not willing to offload their stocks at lower levels.
Rising arrivals of Jeera at spot market amid peak arrivals season are keeping the prices
under pressure. Export demand from gulf countries is also very poor which might weigh
on sentiments. Overall trend of Pepper is bullish due to limited stocks and good demand
at domestic and export front. Soybean prices are expected to trade lower on account or
higher production estimates of Brazil coupled with favorable weather for harvest in
Argentina. The traders are of the opinion that the current prices are much higher for
guar seed at which levels they are liquidating the stocks. The absence of any fresh
export demand and the continued arrivals is exerting pressure on the prices. Chana
prices in the intraday are expected to decline on account of increase in fresh arrivals in
the market particularly from Rajasthan.
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TECHNICAL VIEW
CARDAMOM (MAY) CHANA (MAY
MAY)
Trend • Consolidate Trend • Bearish
• Sell on highs Strategy • Sell on highs
Strategy
• R2 - 1110 • R2 - 2400
Resistance Resistance
• R1 - 1090 • R1 - 2375
• S1 - 1060 • S1 - 2325
Support Support
• S2 - 1030 • S2 - 2290
GUARGUM (MAY) GUARSEED (MAY
MAY)
Trend • Consolidate Trend • Consolidate
Strategy • Sell on highs • Sell on highs
Strategy
• R2 - 8840 • R2 - 3030
Resistance Resistance
• R1 - 8650 • R1 - 3000
• S1 - 8450 • S1 - 2925
Support Support
• S2 - 8200 • S2 - 2860
JEERA (MAY) MENTHA OIL (APR
APR)
Trend • Bearish Trend • Consolidate
Strategy • Sell on highs Strategy • Sell on highs
• R2 - 15860 • R2 - 1080
Resistance Resistance
• R1 - 15650 • R1 - 1060
• S1 - 15200 • S1 - 1030
Support Support
• S2 - 14870 • S2 - 1010
PEPPER (MAY) REFINED SOY OIL (MAY
MAY)
Trend • Consolidate Trend • Consolidate
Strategy • Sell on highs Strategy • Sell on highs
• R2 - 27000 • R2 - 630
Resistance Resistance
• R1 - 26600 • R1 - 625
• S1 - 25850 • S1 - 610
Support Support
• S2 - 25500 • S2 - 605
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SOYABEAN (MAY)
) TURMERIC (MAY
MAY)
Trend • Consolidate Trend • Bearish
Strategy • Sell on highs Strategy • Sell on highs
• R2 - 2480 • R2 - 9300
Resistance Resistance
• R1 - 2450 • R1 - 9150
• S1 - 2410 • S1 - 8700
Support Support
• S2 - 2390 • S2 - 8500
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