12/3/2018

Agro Commodity Update 12th March-2018

Share:



Fundamental Aspect:


Chana futures settled the weak with little gain the government has increased the import duty on the chana to 60% from the earlier 40% for better price realization of farmers. This move is expected to help restrict cheaper imports from Australia and Canada among other countries and amid to stabilise the prices which is trading below the minimum support price of 4,400 per quintal (including a bonus of Rs.150) in various mandis. As per the government sowing data, area under the chana crop across the country was noticed up 8.3% on year at 107.2 lakh ha as on last week. Moreover, higher imports during the current financial year pressurize prices throughout the growing season. We expect prices likely to trade in a tight range in near term.


Mentha oil futures prices likely to extend its weakening path ahead due to increase arrival noticed in the major spot markets of Uttar Pradesh. As per the trader source, there is currently not much demand for mentha oil from the domestic consuming industries as well as stockists. From export front, there is no expectation of any positive development in the recent times. Due to the increased production and usage of synthetic mentha in the recent years, demand for natural mentha has decreased. Sell on rise strategy should remain in favour for the day ahead. 




Technical Aspect (Apr)



Guar seed


Image result for guar seed images

Support is at 4200 and Resistance is 4300.


We have noticed a sharp upside closing on Friday.


Now what to expect?


Above 4300 we can expect to touch 4450—4530 and then 4600++ mark in coming days else could touch its support of 4200.


Fresh Selling only can be seen on decisive break below 4200 marks.


Trade with levels only.



Chana 


Image result for chana image

Support is 3650 and Resistance is 3800.



Above 3850 rally may continue till 3930—4000 and then 4150++ mark else could touch its support level of 3650.


Fresh selling only can be seen on close below 3650 for the medium term.


Trade with levels only.




RM Seed

Image result for rm  seed images


Holding positional long from 4150 in it.


Now what to expect?


Support seen at 4100 and resistance is at 4250.


Buy and accumulate more on decline as we expect medium term positive outlook in it. Above 4250 will take it to 4370—4450 and then 4600++ mark in near term.


Fresh selling can be seen on close below 4100 mark.

 

Trade with levels only.



Soybean


Image result for soybean image

We expect medium term positive outlook in it.


Now what to do ahead?


Support seen at 3700 and Resistance is 3850.


Above 3850 will take it towards 3980—4100 and then 4200++ mark else could touch its support level of 3700.  


Fresh selling only can be seen on close below 3700 mark.


Trade with levels only.




Castor Seed


Image result for castor seed image

Three white shoulders pattern visible on the daily chart (Bullish continuation)


Now what to expect?


Support at 4150 and Resistance at 4300


As expected, we have seen a good recovery from its recent bottom and its likely to continue in near term. Above 4300 will take it towards 4380—4460 and then 4600++ mark in near term.

 

Fresh selling only can be seen on close below 4150.


Trade with levels only.



Cotton 


Image result for cotton  images

Support is 21000 and Resistance is 21500.


Trading in a range. Either side break or close will set the further trend in it.


Fresh selling can be seen on close below 21000.


Trade with levels only.




Jeera 


Image result for jeera  image

As expected, smart recovery noticed from its recent bottom.


Now what to expect?


Support seen at 14800--14650 and Resistance is at 15250


Above 15250 rally likely to continue till 155000--15850 and then 16200++ mark .


Fresh selling only can be seen on close below 14650.


Trade with levels only.




Turmeric 


Image result for turmeric image

Our buy call from 6600—6950 has proven great.


Now what to expect?


Hurdle is 6950. Above 6950 rally likely to continue till 7120—7300 and then 7550++ mark in near term else could touch its support level of 6650.  


Fresh selling can be seen on close below 6650 mark.


Trade with levels only.



CPO (March)


Image result for crude palm oil image

Support seen at 625 while Resistance is 650.


Correction due on chart. Traders can wait for a bit decline here to initiate fresh long position at lower level. Buy on decline. Fresh break out can be seen on sustainable move above 650. 


Support and stop loss will remain below 625 on closing basis. 



Trade with levels only


Share:

Tags:Agri Commodity

Join our WhatsApp broadcast list
I agree terms and conditions.