28.07.2010 OUTLOOK

 

PEPPER:

At NCDEX, Pepper futures, after witnessing high volatility, on Tuesday shot up and crossed the upper ceiling for all contracts on strong domestic demand and bullish activities. Parity prices for the commodity of Vietnamese and Brazilian origin have cooled down moderately by $ 50-100, which may add up some negative sentiment to the futures. Spot prices were very firm on robust domestic demand and restricted supply. Traders expected spot prices to breach Rs 250 per Kg this year, which may keep the prices high. Profit booking may not be ruled out at higher levels. Existing positions hold. Buying is advisable on corrections.

Trend: positive

(NCDEX, AUGUST)

Entry-20960 support-20555, 20115,19275 Resistance-21400, 21805,22645.

 

CHANA:

At NCDEX, chana regained some its earlier losses and traded marginally upside Chana yesterday. Though chana had showed negative movements in past few sessions, the overall sentiment is reported to be firm on decent physical market.

Volumes were moderately low when compared to last few sessions. But, rise in open interest with price rise indicates fresh buying at current levels, which may lift up the prices in coming sessions. Existing positions hold. Profit booking may not be ruled out at higher levels. Buying on corrections is advisable.

Trend: sideways with positive bias.

(NCDEX, AUGUST)

Entry-2327 support-2309, 2289,2251 Resistance-2347, 2365,2403.

 

JEERA:

At NCDEX, Jeera futures traded weak in the morning session. It recovered dramatically later and hit the upper circuit yesterday. Spot prices were weak on poor demand and limited arrivals on account of heavy rains over Unjha and nearby regions. Demand expected to pick up towards Ramzan in the near-term, which may keep the sentiment positive. Profit booking may not be ruled out at higher levels and yesterdays sudden spurt. Existing positions hold. Buying on corrections and at lower levels is advisable.

Trend: positive

(NCDEX, AUGUST)

Entry-14890 support-14540, 14105,13320 Resistance-15330, 15675,16460.

 

TURMERIC:

At NCDEX, Turmeric futures were range bound. Spot prices were weak on weak sentiment. Ramzan add some positive sentiment to the commodity. Expected to extend its flat trend. Existing positions hold.

Trend: sideways

(NCDEX, AUGUST)

Entry-14830 support-14725, 14615,14405,Resistance-14940, 15040,15250

 

CHILLI:

At NCDEX, chilli futures traded down on short selling. Weak spot prices kept the commodity under selling pressure. Expected to trade down. Selling on rise is advisable.

Trend: weak

(NCDEX, AUGUST)

Entry-4527 support-4505, 4468,4409 Resistance-4564, 4586,4645.