Fundamental Aspect
The India Meteorological Department’s (IMD) forecast of normal monsoon this year has brought cheer to farming community, especially in oilseeds sector, which is largely dependent on edible oil imports. Based on the Met department’s projections, the oil industry body expects another year of robust oilseeds production in the coming kharif season.
Castor seed traded slightly higher amidst higher demand in the spot market. A fall in prices encouraged bargain-buying, which resulted in pullback in prices.
Soybean futures traded almost mixed from last couple of day due to weaker spot market demand for the oilseed. CBOT soybean fell for a second straight session, pressured by spill-over weakness from corn and prospects for increased Brazilian farmer selling.
Jeera prices traded lower but rising exports demand near term may capped losses at the spot market. Gujarat Agriculture Department in its 3rd advance estimates for 2016/17 has revised down the production estimates to 2.12 lt. NCDEX accredited warehouses jeera stocks gained by 33 tonnes to 936 tonnes.
Turmeric futures traded lower on NCDEX despite lower arrivals from the producing regions. Reports showed that the turmeric arrivals in the country is declining in first 20 days in April to 66,025 tons (April 1-20) compared to 1, 15,768 tons during the same period in March.
Technical Aspect
Soybean
Support at 2950 and Resistance at 3000
If unable to breach its support level of 2950 the we can expect upside move till 3000.
Three consecutive close + weekly close above 3000 will take it to 3070---3130 and then to 3200+ mark in days to come.
Looks weak only if closes below 2950.
Soyref
Support at 608 and Resistance 620
Break and sustain below 608 we can expect downside move till 592---584 mark in days to come else could touch its resistance level of 620
Fresh buying can initiate only close above 620 mark
Trade with levels only
Dhaniya
Support at 6700 and Resistance is 6920
Break and close above 6920 will see sharp upside move till 7130---7260 mark in days to come else it could touch its support level of 6700 again.
Fresh panic can be seen only below 6700 mark
Trade in a range with levels only
Jeera
Support at 18700 and Resistance at 19600
Two consecutive day close +weekly above 19600 will see a sharp upside towards 19980---20250 else it could touch its support level of 18700.
Fresh selling can initiate only close below 18700 mark.
Trend- Sideways Higher
RM Seed
Support at 3750 and Resistance is 3810
Momentum looks sideways and if prices gives daily close below 3750 will extend it to 3705---3660 else could touch its resistance level of 3810 again
Fresh buying can initiate only close above 3810 mark
Trade in a range with levels only
TMC
Support at 6050 and Resistance is 6300
Weekly close below 6050; fresh round of selling can be seen towards 5840 ---5720 mark else could touch its resistance level of 6300 again.
Fresh Buying only can be seen above 6300
So be careful while trading in Turmeric. Anything seems will update.
Cocudakl
Support seen at 1950 while resistance can be defined as 2025
Weekly close below 1950 will take to 1890---1865 mark in days to come else it may test its resistance level of 2025 again
Fresh buying can be seen only above 2025 mark
Mentha oil
Support at 920 and resistance at 945
Weekly close below 920 further weakness can be seen till 890---875 mark else could test its resistance level of 945 again.
Weekly close above 945 will take U-Turn
Trade with levels only
CPO (May)
Support at 485 and Resistance at 500.
Looks positive and could test its resistance level of 500. More and more power will see only close above 500 towards 508--- 514 mark else it could test its support again.
Fresh selling can initiate only close below 485 mark.
Trade with levels only
Trend – Sideways Higher
More will update soon!!
