Agro Commodity Update (29th-Nov-2017)
Fundamental Aspect:
Mustard seed futures witnessed some fresh buying in last couple of days as market participants expecting good winter demand after increase in import duty for the edible oils. However, good start to rabi sowing may keep the prices in a range. As of 20th Nov, the area covered in Rajasthan has crossed 18.7 lakh ha compared to 23.7 lakh ha noted last year. As per the latest rabi sowing report, the area under mustard as on 24 Nov 2017 was noted at 51.4 lakh ha, which is down from 57.9 lakh ha a year ago. Rajasthan is the largest mustard growing state but the sowing pace is slower than last year at 19.9 lakh ha Vs 26.3 lakh ha. In the current season, mustard acreage in UP is encouraging at 11 lakh ha Vs. 10.6 lakh ha last year.
Jeera future showed good rebound from lower level at the end of the session as market participants initiated fresh buying on improving physical demand. However, reports of good progress of jeera sowing in Gujarat capped further gains. In Gujarat, jeera sowing reached about 1.32 lakh ha this year compared to 1 lakh ha last year as on 20th Nov. As per the latest government data, Jeera exports during first five month of FY 2017-18 (Apr-Sep) is noted at 63,085 tonnes, down 2.6% compared to last year exports volume for the same period. India's jeera exports in Aug increase 46% on year to 13,879 tn. On the import front, country imported about 1,044 tonnes of jeera during the month of August about 209% higher than last year imports for the month.
Technical Aspect (Dec)
Turmeric
Our buy call from 7250 –7896 proven great.
Now what to expect?
Keep holding and likely to touch 8000++ soon. Break and sustain above the same will see new era of bull Run in it.
Support and stop loss will remain at 7450 on closing basis.
Trade with levels only.
Jeera
Our buy call from 19300—22145 proven great.
Now what to expect?
Support seen at 21650 and Resistance is at 22150.
Keep holding and rally likely to continue. Break and sustain above 22150 will take it towards 22400—22760 and then 22900++mark in near term.
Fresh selling can be seen on close below 21650 mark on closing basis.
Trade safely with levels only.
Castor Seed
Our buy call from 4530—4635 proven great.
Now what to expect??
Support at 4520 and Resistance at 4650.
Looks positive and likely to touch 4650.Buy and accumulate more on decline. Break and sustain above 4650 will take it to towards 4720—4780 and then 4850++ mark else could touch its support level of 4520 mark.
Fresh selling can be initiated below 4520 mark on closing basis.
Trade with levels only.
Guarseed
Our buy call from 3850—3928 proven great.
Now what to expect?
Support is at 3850 and Resistance is 3950.
Looks positive on chart and likely to hit 3950. Break and sustain above 3950 will take it towards 4020—4060 and then 4130++ mark in near term.
Support will remain at 3850 mark on closing basis.
Trade with levels only.
Chana
Support is 4800 and Resistance is 5000
Looks weak on chart and likely to touch 4800. Break and sustain below 4800 will take it towards 4740—4680 and then 4620 mark in near term.
Major upside will be seen only on close above 5000 mark.
Trade with levels only
RM Seed
Our buy call from 3950—4182 proven great.
Now what to expect?
Support seen at 4050 and resistance is at 4200.
We expect a bit correction from here .Eitherside break and close will set the further trend in it.
Fresh selling can be initiated below 4050 mark.
Trade with levels only.
Soybean
Our buy call from 2920---3037 proven great.
Now what to expect??
Support seen at 2920 and Resistance is 3050.
Rally likely to continue till 3050. Break and close above 3050 will take it towards 3120—3160 and then 3220++ mark in near term.
Buy and accumulate more on decline.
Trade with levels only.
Soy Refined
Support is 728 and Resistance is 738.
Either side break and close will set the further direction in it.
Fresh selling only can be seen below 728 mark .
Trade with levels only.
CPO
Support seen at 580 while Resistance is 595.
Trading in range. Either side break or close will set the further trend in it. Traders can take advantage of range bound trading with the validation of above mentioned levels.
Trade with levels only.
More will update soon!!!
