Dhaniya may remain weak for intraday: Kotak Commodity
Kotak Commodity has come out with its report on Jeera, Pepper, Turmeric, Dhaniya and Chilli. According to the research firm Chilli prices are expected to trade weak on the pressure of new crop arrivals.
December 02, 2011 / 16:33 IST
Kotak Commodity has come out with its report on Jeera, Pepper, Turmeric, Dhaniya and Chilli. According to the research firm Chilli prices are expected to trade weak on the pressure of new crop arrivals.
Jeera prices are expected to trade weak during the session. Basis is expected to narrow in the coming session. Upside seems to be limited due to higher stock, high arrivals and expiry of 3039MT in the December contract. Demand also seems to be dull adding to the bearish sentiments. NCDEX December contract can test the support of Rs 13200-13000 with resistance being Rs 13600- 13800.Pepper prices are expected to trade with a positive bias during the session. Few sellers in the spot market can support the prices. Long term fundamentals continue to be firm for the commodity. Outlook for the day is positive. We expect prices to test the resistance of Rs 35700-35800 and support being Rs 34900- 34800 for the December contract.Turmeric prices are expected to trade weak for the day. Prices continue to be lower than the spot price. Lower arrivals and domestic buying can support the prices. Outlook for the day is negative. NCDEX December contract can test the support of Rs. 4200-4150 with resistance being Rs 4650-4800.The trend for Dhaniya is expected to remain weak for intraday. Lower arrivals can support the prices but upside seems to be limited on higher inventory and dull demand. Outlook for the day is negative. NCDEX December contract can test the support of Rs 3800-3740 with resistance being Rs 4100-4150.Chilli prices are expected to trade weak on the pressure of new crop arrivals. Demand continues to be subdued in the spot market. With exporters being out of the market, we expect prices to trade weak in the coming sessions. Price outlook for the day is negative. We expect NCDEX December contract to test the support of Rs 6700-6650 with resistance being 7100-7125.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.To read the full report click on the attachment 
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