Fundamental Aspect
Monsoon Alert (IMD): Heavy rains are likely over most parts of east India today. Isolated places in Bihar, Jharkhand, Odisha, Sikkim and Gangetic West Bengal are likely to receive heavy showers today. Rice, maize, tur, moong, urad and some horticulture crops are grown in these states.
Soybean futures see some long liquidation on Monday tracking weak spot market. However, reports of lower sowing compared to last year keeping the prices in a range since last week. Moreover, good stocks and steady demand is pressurizing the prices. As per the latest government data, area under soybean crop across the country for the 2017-18 kharif was 84.6 lakh hectares till last week, down about 17.8% on year. Last year, the acreage was 102.8 lakh hectares. The area under the crop fell as some farmers are shifting to more profitable crops such as cotton, as oilseeds fetched poor returns last season. In Madhya Pradesh, the acreage of the crop was at 40.1 lakh ha, down from 49.7 lakh ha in the previous year. In Rajasthan, another major grower of the oilseed, soybean was sown across 786,800 ha, as against 10.2 lakh ha in the year-ago period.
Jeera future settled lower on Monday as market participants initiated fresh selling amid weak physical demand at higher prices. As per the trader source, jeera arrival during first 20 days of July recorded only 2,396 tonnes compared to 5,872 tonnes in June for the same time period. As per the data release by government, jeera exports in April 2017 was 14,599 tonnes, were down 9% from March. In 2016-17, country exports increase by 26% to 1.24 lt in as per the data release by Dept. of commerce, GOI.
Turmeric traded lower for the third consecutive days due to profit booking activity marked at higher level by the market participants see good sowing progress and monsoon rains in turmeric sowing areas. In Telangana, turmeric acreage as on 19-Jul-17, up 90% to 33,000 hectares as compared to last year acreage of 28,000 hectares. The normal acreage is close to 47,000 hectares. Market arrivals dropped about 60% in June compared to May. As per trader source, about 12,623 tonnes arrived in first 20 days in July compared to 20,623 tonnes in previous fortnight. As per the latest data release by the government, turmeric exports during first four months in 2017 is 42,855 tonnes, up 40.7% compared to last year same period.
Technical Aspect
Jeera (Aug)
Support at 19050 and Resistance at 19450.
Looks weak and likely to touch 19050. Break and sustain below 19050 will see sharp downside panic in it towards 18720---18500 mark in days to come else could touch its resistance level of 19450.
Fresh buying can be initiated above 19450.
Trade with levels only.
Castor Seed (Aug)
Support at 4350 and Resistance at 4520.
Looks positive and likely to touch 4520. Break and close above 4520 with volume will take it to 4580---4640 mark in near term else, could touch its support level of 4350.
Fresh selling can be initiated below 4350 mark.
Trade with levels only.
Turmeric (Aug)
Look at Power of Alert>>>> Turmeric hit lower circuit in the next consecutive trading day.
Last week we clearly indicated that 7800---8000 act as major hurdle and we will see sharp correction in it.
Now what to expect??
Major Support is at 6880 and Resistance is 7250.
Either side break or close with volume will decide further trend in it.
Trade with levels only.
Guar seed (Oct)
Support at 3370 and Resistance at 3450.
Looks positive and close above 3450 with volume will take it to 3495 and 3530 and 3600 mark in near term else, could touch its support level of 3370.
Fresh selling can be initiated below 3370 only.
Trade with levels only.
Soya bean (Aug)
Support seen at 2900 and Resistance is at 3060.
Looks positive and will add more lot on decline around 2960 for the upside level of 3060---3130 mark
Fresh selling could be initiated below 2900.
Trade with levels only.
Soyaref (Aug)
Support at 636 and resistance is 645.
Either side break or close with volume will set the further trend in it.
Fresh buying can be seen above 645.
Trade with levels only.
Dhaniya (Aug)
Support at 4800 and resistance is 5200.
Now what to expect?
Can accumulate more buy on decline near 4900 which will take it to 5120---5200 mark else could touch its support level of 4800.
Fresh selling can be initiated below 4800.
Trade with levels only.
RM Seed (Aug)
Support seen at 3550 and resistance seen at 3700.
Close above 3700 will take it to 3760---3800 and then 3880+++ mark in days to come else, could touch its support level of 3550.
Fresh selling can be initiated below 3550.
Trade with levels only.
Mentha oil (July)
Our buy call in Mentha Oil from 970---1036 proven great.
Now what to expect?
Support seen at 1015---998 and Resistance is at 1045.
We will maintain our bullish view and it is likely to touch 1045. Break and close above 1045 will fuel more power in it
Fresh selling can be initiated below 998 mark.
Trade with levels only.
More will update soon!!
