Capvision Will Tell That What Says Ncdex Market 23-1-2015
Turmeric futures are likely to lower made low of 8422 level as profit booking is progressing in the NCDEX platform and finally closed lower around 8490 levels.
indore, January 23, 2015 (Newswire.com) - MARKET WRAP FOR NCDEX
Turmeric futures are likely to lower made low of 8422 level as profit booking is progressing in the NCDEX platform and finally closed lower around 8490 levels. Besides, the decrease in OI may keep profit booking for the next couple of days. According to reports, new turmeric crops have started arriving in the spot market of Nizamabad in Telangana at a slow pace of around 1000-1,500 bags (1 bag = 70 kg). But the quality of produce is down, due to very high moisture content of around 30%. This is due to lack of sunlight as low temperature and cold wave situation. As per reports from Spice Board of India, the estimated exports of Turmeric during April-December 2013 was pegged at 58000 MT, up by 17% same period previous year. In value terms, it was up by 45% at Rs 463.8 Cr. However, unable coming demand from overseas so could see a downside in market and major weakness is seen only if prices rupture support of 8480 could see downside bias towards 8280 followed by 7840 that could negate present uptrend in the near term. Hence, we recommend sell on rise around 8850 could see downside bias towards 8600 followed by 8405 for the days.
Jeera Jan NCDEX: Jeera prices slumped in previous couple of session from the high of 17290 dated 20 January 2015 and made low of 15800 level dated 22 January 2015 around and finally closed lower at 15990 level in previous day, besides, the decrease in OI may keep profit booking for the next couple of days, as prices cleared the down trend line support of 15800 for the strong downside rallies to 15680 followed by 15300 or even lower to 14680 levels in the near term. Jeera as overall Fundamentals remained strong. The exports are likely to slow down, Good domestic and export demand along with forecast of a 33% drop in productivity could also support prices in the near term. Also, acreage is anticipated to be 30-35 percent lower as farmers are opting for other more lucrative crops like coriander. As well, the sustained export demand amid a supply crunch in the global market may limit sharp fall in prices. On the other side, if prices breach the resistance of 16800 could turn the outlook into positive territory in the near term. Hence, we recommend sell on rise around 16480 could see downward bias towards 16220 followed by 15900 for the day.
Stock Recommendation
In Chana:- We recommend sell on rise around 3380 could see downward bias towards 3320 followed by 3270 for the day.
In TURMARIC:- we recommend sell on rise around 8850 could see downside bias towards 8600 followed by 8405 for the days
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