According to Motilal Oswal, NCDEX Soya bean traded with negative bias in the preceding week and is currently trading close to key support of Rs.3700.
Motilal Oswal's report on Agri Weekly
NCDEX Soya bean traded in s sideways range in the preceding week closing at Rs.3746.The 14-period RSI is flat and MACD close to zero line is not indicating any trend direction. Support is placed at Rs.3700 whereas resistance is capped at Rs.3800. Sideways consolidation will be seen and price break on either side will give further trend direction. Price break below support will target Rs.3640 – 3600 whereas break above resistance will target Rs.3865 – 3930.
NCDEX RSO has reversed from its key horizontal support of Rs.796 and closed the preceding week at Rs.808.30.Sidewaysto-positive move is likely to be seen in the coming week as long as price holds above Rs.796. The counter is likely to target Rs.825 as it will act as strong resistance mark. So, buying on dip around Rs.805 – 802 is advised for short-term.
NCDEX RM Seed traded with positive bias in the preceding week closing at Rs.4774.Overall the counter is trading in a rising channel which signifies strength in price. Major support remains at Rs.4615 and bias remains positive as long as price holds above the same. The momentum indicators RSI & MACD are also confirming strength in price. Initial dip towards Rs.4725 – 4700 will be good buying opportunity.
As seen on 240-min chart NCDEX Chana traded with negative bias in the preceding week and achieved our recommended targets. Both the momentum indicators RSI & MACD are indicating further weakness in price. Price sustained trade below recent low of Rs.4115 will confirm further weakness towards Rs.4000 – 3950. Shortterm resistance is at Rs.4160. Selling only below support is advised.
NCDEX Guarseed is trading in a sideways range in the past few session not signifying any trend direction. Support is placed at Rs.3620 whereas resistance is at Rs.3700. Price sustained break on either side will confirm further trend direction. Price break below support will test Rs.3560 – 3500 whereas break above resistance will target Rs.3760 – 3800.
NCDEX Cocud broke below the rising channel formation and is signifying further weakness in price for shortterm. Strong resistance is at Rs.2050 – 2100 whereas support is at Rs.1875. The 14-period RSI sustained trade below the mid-level of 50 is indicating weakness. Pullback towards Rs.2000 – 2020 will be a good selling opportunity targeting Rs.1875.
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