Fundamental Aspect
Guar complex traded moderately higher as improved bargain buying and better export outlook of gum may keep prices to trade higher in near term. However, rapid monsoon progress and favourable weather condition for pre sowing activities in Haryana could restrict the major gains as planting is expected to commence later part of June in Haryana. At the same time, adequate availability of guar stocks at physical market and higher planting prospects for upcoming season could cap major gains. India exported about 54392 MT of guar gum during month of April, 2017 higher by 134% of last year export of 23158 Mt for corresponding time.
Jeera futures showed firmness on the back of rising physical demand. There is good physical and exports demand while the stocks in the Exchange warehouse are diminishing. Jeera arrival in May marked lower this year compared to the last year. As per the trader source, about 10,688 tonnes of jeera arrived in May 2017 compared to 14,302 May last year. On the export front, country the exports increase by 26% to 1.24 lt in 2016-17 (Dept. of commerce, GOI).
Turmeric futures are expected to trade in positive note for the day. Expectations of fresh buying from lower levels may support prices to trade higher. Besides the normal monsoon factor, acreage under turmeric is likely to decline this season as prices are currently prevailing very low at spot markets. Farmers are expected to shift cultivation towards sugarcane and other crops for better price realization. However, higher stocks at the production centres due to higher production in current season and higher carryover stocks may limit the gain. As per the trader source, about 6,378 tonnes arrived last week compared to 11,942 tonnes during previous week. On the export front, country exported about 1.11 lakh tonnes in 2016-17 up by 30% compared to last year exports of 85,412 tonnes.
Coriander futures edged higher as participants enlarged their holdings, tracking a firming trend at spot market due to rising domestic as well as export demand. Besides, limited stocks position on fall in supplies from major producing regions also added support to coriander prices’ uptrend. Supply of coriander in the spot market dropped significantly due to slow farmers selling amid lower rates followed by strike in Madhya Pradesh.
Technical Aspect: (July Contract)
Soybean
Support is 2760 and resistance is 2880.
Looks positive and could test it's resistance level of 2880. Three consecutive closes + weekly close above 2880 will see sharp upside rally in it.
Support intact at 2760.
Trade with levels only
Soyaref
Soyaref has support at 630 and resistance of 638
Break and close above 638 will take 645---651+++ mark else could touch its support level of 630 again.
Fresh selling can be initiated below 630.
Trade with levels only.
Dhaniya
As we expected Bull Run from 4800 has started now. It made a high of 5140 today.
What to expect???
Support is 4900 and resistance is 5180.
We will maintain our bullish view and every decline will be buying opportunity for the upside target of 5320 and then 5470++ mark.
Fresh selling can be seen only below 4900.
Trade with levels only.
Jeera
We will maintained our bullish view on successfully close above 18600.
Above 18600 will see rally till 19000---19300 and then to 19600 mark in days to come
Fresh selling can be seen below 18200
RM Seed
Our buy call from 3550 to 3660 proven great....
Now what to expect???
Hurdle and target intact 3660. Weekly close above 3660 will take to 3730—3780+++ mark in days to come
Already booked part profit and revise stop loss at cost to cost.
Turmeric
Support at 5580 and Resistance at 5850
We maintained our bullish view until it is trading above 5580.
Looks positive and close above 5850 will take it to 5980---6050.
Fresh selling can be seen below 5580.
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Cocudakl
Our buy call from 1690 proven great and made a high of 1789 yesterday.
Now what to expect??
Support 1730 and resistance at 1800
We maintained our bullish view until it is trading above 1730.
Close above 1800 will take it to 1870 and then to 1920+++ mark else could touch its support level of 1730.
Fresh selling can be initiated only below 1730.
Mentha oil (June)
Hurdle at 935 and support at 914---886.
Looks positive and buy on every decline till 914 will be consider as a buying opportunity. Close above 935 will take it to 951--- 958+++ mark
Fresh selling can be initiated below 886 mark
CPO (June)
Trading in a tight range of 486---500
Either side decisive break or close will decide further
Trade in a range with levels only.
More will update soon!!
