NCDEX TIPS - Weekly Outlook 27 to 31 August 2012

NCDEX Jeera Weekly Outlook :- 

Jeera opened on a negative note last week and remained bearish for most part of the week. But price managed to sustain above the important support level of 15200 in last two trading sessions. We saw a short covering in last two trading sessions of the week at important support level of 15500 . For this week Jeera has important resistance at 16300 and support at 15200. 

Jeera Trading Tips :-

Jeera is in a short term consolidate trend and one should use the strategy of sell on higher levels. If in this week Jeera sustains above the level of 16300 then we can see the level of 16700. For downside if Jeera breaks the level of 15200 we can expect the level of 14800.

NCDEX Chana Tips :- 

For this week in Chana one should go for buy on lower levels strategy, if it sustains above the level of 4850 we can see the level of 4930 and on the downside if it sustains below the level of 4690 we can see Chana at 4610.

Soyabean Weekly Report :- 

For this week in Soybean one should go for buy on lower level strategy, if it sustains above the level of 4090 we can see the level of 4160 and on the downside if it sustains below the level of 3920, we can see Soybean at 3850 level.

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NCDEX Updates for Today

• Yesterday, Guar Seed futures hit a new record high for the 4th straight session with a 4% rise, shrugging off regulatory measures to curb volatility. In Jodhpur spot market, Guar seed rose 352 rupees to 9,319 rupees per 100 kg.

• Chana- In the Delhi spot market, Chana rose 50 rupees to 3,480 rupees per 100 kg.

• Yesterday, Pepper futures ended higher due to expectations of fresh export demand as Indian produce is at a discount to its competitors in the international market. In the Kochi spot market, pepper prices rose 80 rupees to 31,396 rupees per 100 kg. Pepper January futures is expected to continue the positive trend on lower level buying.

• Turmeric exports during April-November rose 62% to 58,000 tonnes. In Nizamabad, turmeric fell 52 rupees to 5,149 rupees per 100 kg. Turmeric April futures expected to open on flat to positive note on extended buying.

• Chilli February prices are projected to open on lower note on extended selling pressure.

• Cardamom futures are expected open on slightly positive note on short covering. Jeera futures hit the daily permissible upper limit of 4% due to a decline in the daily spot supplies and overseas inquiries. Spot prices at Unjha market gained around 219 rupees to 15,900 rupees per 100 kg. 

• Cumin exports during April-November rose 27% to 26,500 tonnes.

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