29.07.2010 OUTLOOK

 

PEPPER:

At NCDEX, pepper futures traded firm in the morning session and hit the lower circuit later towards end yesterday. Active August contract traded between Rs 21539 and Rs 20566 and closed at Rs 20847.A decrease in open interest by about 13% indicates heavy profit booking. Spot prices were firmed up further by Rs 100.Parity prices for Indian peppers were high in the range of  $ 4500-4700 and not competitive. Domestic demand kept spot prices firm. Expected to trade firm if export demand increase. Existing positions hold. Profit booking may keep the movement volatile. Buying is advisable only on correction.

Trend: sideways with positive bias.

(NCDEX, AUGUST)

Entry-21075 SUPPORT-20610, 20100,19125 Resistance-21585, 22050,23025

 

CHANA:

At NCDEX, chana futures traded flat. Active August contract traded between Rs 2349 and 2311 and closed positively at Rs  2341.A firm close and good volumes indicate positive sentiment. Spot prices ruled firm. Improved arrivals kept spot prices steady. Expected improvement in demand on monsoon and festivals season may keep the sentiment positive in coming sessions. Existing positions hold. Buying on corrections is advisable.

Trend: sideways with positive bias.

(NCDEX, AUGUST)

Entry-2336 support-2323, 2298,2260 Resistance-2361, 2374,2412.

 

JEERA:

At NCDEX, Jeera futures turned volatile. Looked firm in the morning session and hit lower circuit towards end yesterday. Poor off take on account of heavy rains over Unjha region kept spot prices weak. Fall in price and decrease in open interest by about 6.5% indicates heavy profit booking. Expected to be volatile. Existing positions hold. Buying is advisable only on severe corrections.

Trend: volatile with positive bias.

(NCDEX, AUGUST)

Entry-14985 support-14615, 14260,13545 Resistance-15340, 15705,16425.

 

TURMERIC:

At NCDEX, Turmeric futures opened flat and followed other commodities of the spice pack and hit the lower circuit later. Active August contract traded between Rs 14760 and 14306 before ended up at Rs 14412.A decrease in open interest by about 8 % indicate profit booking. Spot prices were flat on improved arrivals. Expected to extend sideways trend in coming sessions. Prices may move up further in anticipation of improvement in demand on account of Ramzan.Existing positions hold.

Trend: sideways.

(NCDEX, AUGUST)

Entry-14560 support-14350, 14100,13645 Resistance-14810, 15015,15465.

 

CHILLI:

At NCDEX, chilli futures traded down from the beginning. Short selling triggered the fall. Weakness seen in spot prices kept bearish sentiment in futures. Improved arrivals and poor off take kept spot prices down. Expected to extend the trend. Short covering may keep the prices flat.

Trend: weak

(NCDEX, AUGUST)

Entry-4447 support-4404, 4351,4255 Resistance-4500, 4543,4639.