Hope you all minted money in Agri Commodity. Now we will expect some correction or we can say that consolidation phase in Agri Commodity. So trade safely with levels only.
Have a look on it!!
Pulses : India to release 10000 MT from buffer stock
The States have also been requested to project their demands of pulses immediately to ensure timely allocation from the buffer stock. They have also been asked to keep a close watch on the prices and to take stringent ac..
India has decided to release 10000 MT pulses mainly Tur and Urad from buffer stock to ensure their availability at reasonable prices. “The Government of India has requested State governments to avail this benefit and utilize the available stocks for managing the prices of pulses in their respective State,” as per Government notification.
The States have also been requested to project their demands of pulses immediately to ensure timely allocation from the buffer stock. They have also been asked to keep a close watch on the prices and to take stringent action against hoarding of f the commodity. The centre has already empowered the States to impose stock limits on the pulses to ensure easy availability.
Government agencies have made procurement of about 50,000 MT pulses from the farmers during the Kharif Marketing Season, 2015-16 and has contracted 25,000 MT of pulses for import. The Government is also initiating procurement of Rabi pulses and has targeted to procure around 1, 00,000 MT of Chana and Masur to build the buffer stocks further.
Market regulator SEBI has also decided to implement various regulatory measures on Chana contracts which include increase in the margin requirement to discourage speculation and to moderate the price volatility in forward market. In order to encourage pulses production the Government has already increased MSP for pulses, by Rs.275 per qtl for Tur & Urad, and by Rs.250 per qtl for Moong.
Source markettimestv.com
Technical Outlook
CPO
Support at 565 and Resistance at 578
Weekly close below 565 will take to 552---548 mark in days to come. More and more downside panic will see only close below 545 mark else it could test its resistance level of 573---578 again
Further upside rally will see only close above 578 mark
Trade with levels only
Soyabean
We booked part profit around 4310 and revised stop loss below 4225.
Now what to expect???
Support at 4225 and Resistance at 4325
Two consecutive closes below 4225 will take to 4120---4050 mark in days to come
Fresh buying can initiate only close above 4325 mark
Trade with levels only
Soyaref
Flared and made a high of 682.70. We booked full profit. Clearly indicated to buy with stop loss below 655.
Now what to expect???
Support at 670 and Resistance at 683
Two consecutive closes below 670 will take to 663---658 and then to 655. More and more downside panic will see only weekly close below 655 mark else it could test its resistance level of 678---683 again
Further upside rally will see only close above 683 mark
Trade with levels only
Chana
Support at 5180 and Resistance at 5550
We will expect range bound trading for next few trading sessions. So traders can trade safely with levels only and wait for confirmation
Anything seems will update via App
Rmseed
Support at 4350 and Resistance at 4650
We will expect Rmseed to trade in a range for next few trading sessions. Chances are bright to take U-turn from lower levels but wait for confirmation
We can buy Rmseed but around 4420---4380 with stop loss below 4350 on closing basis
Till then wait for entry
More will be update soon!!
