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Oct 19, 2011, 02.20 PM IST | Source: Moneycontrol.com

NCDEX Dhaniya may trade weak today: Kotak Commodity

Kotak Commodity has come out with its report on Soybean, Refined Soybean Oil, Rapeseed, Chana, Jeera, Pepper, Turmeric and Dhaniya.

NCDEX Dhaniya may trade weak today: Kotak Commodity
Kotak Commodity has come out with its report on Soybean, Refined Soybean Oil, Rapeseed, Chana, Jeera, Pepper, Turmeric and Dhaniya.

Dhaniya – NCDEX Dhaniya is expected to trade weak on fresh selling. Lower arrivals and fresh buying can support the prices. Outlook for the day is negative. NCDEX November contract can test the support of Rs 5300-5250 with resistance being Rs 5550-5600.

Soybean: Soy bean futures at the domestic markets are expected to note some gains during the session on good demand for the festivals ahead. The undertone for the complex is expected to remain weak on increasing arrival pressure in domestic market during coming days amid higher production prospects. The NCDEX November contract is getting support near Rs.2120-2130/qtl while resistance is seen near Rs.2230-2220/qtl. ACE November is getting support near Rs.2120-2130 and resistance is seen near Rs.2230-2220/qtl.

Refined Soybean Oil: Refined soy bean oil futures are expected to note some gains during the session tracking cues from Malaysian palm. Also supportive feature to the price rise is good domestic buying for the festivals. The trend for medium term is expected to remain weak as the fresh crop arrivals gains pace. The NCDEX November contract is getting support near Rs.596-597 and resistance is seen near Rs.614-615. ACE November contract is getting support near Rs.596-597 and resistance is seen near Rs.614-615.

Rapeseed: Mustard seed futures trend is expected to remain firm on limited inventories amid good demand for oil and meal. Also supportive feature are declining stocks at the exchange ware house. The NCDEX November contract is getting support near Rs.2849-2855while resistance is seen near Rs.2964-2970. ACE November contract is getting support near Rs.2849-2850 and resistance is seen near Rs.2964-2970.

Chana: Chana prices are expected to trade mixed during the session. The prices at the futures counter declined yesterday where as the spot market ruled firm due to festive buying. Also supportive feature are limited inventories at the physical counter. We recommend traders to consider going long on dips for short term. The NCDEX November contract is getting support near Rs.3040-3050 while resistance is seen near Rs.3190-3200 and ACE November contract is getting support near 3040-3050 and resistance is seen near Rs. 3190-3200.

Jeera – Jeera prices are expected to trade weak during the session. Selling pressure is expected to continue today. Upside seems to be limited on the back of higher stock, high arrivals and expiry of 2200MT in the October contract. Demand also seems to be dull adding to the bearish sentiments. NCDEX November contract can test the support of Rs 14600-14500 with resistance being Rs 14950-14900.

Pepper – Pepper prices are expected to trade weak as prices are not sustaining at higher levels. 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 negative. We expect prices to trade in the range of Rs 35200 -36400 for the November contract.

Turmeric – Turmeric prices are expected to trade weak on the back of fresh selling on the futures platform. Prices continue to be lower than the spot price. We expect the basis to narrow in the coming sessions. Lower arrivals and domestic buying will support the prices. NCDEX November contract can test the support of Rs 5000-4900 with support being Rs 5150-5200.

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To read the full report click here

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