Monday, January 23, 2017 NCDEX Soybeansainathinvestment.com/wp-content/uploads/2017/01/Agri... ·...
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NCDEX Soybean
NCDEX Soybean has been the worst performer in
edible oil complex for the past nine months and the
same is likely to continue going ahead. Strong short-
term supports are placed at Rs.2990 - 2975 zone
whereas Rs.3215 - 3230 zone is expected to provide
stiff resistance. Only move above Rs.3230 would be
first bullish sign, till then selling on rise is advised.
NCDEX Jeera
NCDEX Jeera rallied consistently in the previous
week and short-term trend remains bullish. Strong
short-term supports are placed at Rs.17650 / 17325
whereas Rs.18020 / 18350 may act as stiff
resistances. Buying on dip near mentioned support is
advised. However, move below Rs.17325 on daily
closing basis would negate the bullish view.
Monday, January 23, 2017
Please refer to disclaimer at the end of the report.
NCDEX RMSeed
NCDEX RMSeed is consolidating within a broad range
of Rs.3835 – 4000 and either side sustained breach
could provide further positional direction. Looking at
prior trend, bias remains weak as long as Rs.3975
curtains the higher side. Crucial supports on the
lower side are still placed at Rs.3875 / 3835 mark.
Selling on rise is advised.
MCX Mentha Oil
MCX Mentha Oil has formed an inverted ‘Head &
Shoulders’ price pattern which is a trend reversal
pattern and confirmation of the same occurred
above Rs.1005 level. Strong short-term supports are
placed at Rs.986 / 950 whereas Rs.1030 / 1072 may
act as immediate strong resistances. Buying on dip
near mentioned support is advised. Breach above
Rs.1030 could increase the bullish momentum.
However, breach below Rs.986 on daily closing basis
would negate the bullish view.
NCDEX Guarseed
NCDEX Guarseed has formed a base near Rs.3080 –
3160 zone and has bounced sharply towards Rs.3400
mark. Price has tested Rs.3000-3160 zone multiple
times in the past one year forming a strong base.
Rise above Rs.3430 on a closing basis could now
trigger a sharp rise targeting Rs.3515 - 3570 zone
which is next major resistance. As long as above
Rs.3120, dip buying is advised.
Please refer to disclaimer at the end of the report.
For any details contact: Commodities Advisory Desk - +91 22 3958 3600 [email protected] Disclaimer:
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MCX CPO
MCX CPO continues to rise gradually and there is
no major reversal sign yet. Strong short-term
support is placed at Rs.573 / 553 whereas Rs.598 –
605 zone is expected to act as stiff resistance. As
long as Rs.573 is held, dip buying is advised.
However, move below the same could result in
correction targeting Rs.553 or lower.