MARKET WRAP FOR WEEKLY AGRI COMMODITY
CHANA
• Chana ended down due to higher arrivals and subdued demand in domestic and international market posting its second week of losses shredding 4.4%
• Chana prices will take cues from its domestic and international production reports and export demand coupled with arrivals in the domestic mandis
GUARSEED
• Guar seed ended down after three weeks of uptrend due to profit booking at higher levels and additional 10% margin on all long positions.
• Guar seed trend is overdue for a correction and it is in a cautious territory and there is speculation in prices due to its estimated production. Though higher production may trigger further profit booking.
JEERA
• The Jeera prices in the intraday are likely to trade sideways to up owing to improvement in demand from the domestic and overseas buyers.
• Jeera prices will take cues from its sowing progress in Rajasthan and Gujarat and any news of lower estimated production may support prices to continue uptrend.
PEPPER
• Pepper ended down due to higher arrivals and subdued demand in domestic and international market posting its second week of losses shredding 3.5%
• In the short term domestic prices will depend on the arrivals in the mandis & also price quotes offered in the international market of the major origins particularly Vietnam and Indonesia.
Technical Views
CHANA VIEW
Trend: Consolidate | Strategy: Sell On High
R1- 3200, R2- 3320 | S1- 3010, S2- 2910
GUARSEED VIEW
Trend: Bullish | Strategy: Buy On Dips
R1- 12700, R2- 14000 | S1- 11000, S2- 9600
JEERA VIEW
Trend: Consolidate | Strategy: Sell On High
R1- 16000, R2- 17000 | S1- 14200, S2- 13500
PEPPER VIEW
Trend: Consolidate | Strategy: Sell On High
R1- 32900, R2- 34300 | S1- 29850, S2- 28300
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