NCDEX Chana Tips
With lower output estimates coupled with negligible stocks of last year, Chana supplies may fall short of consumption demand, thus supporting the upside in the prices in the medium term. However, Chana being an essential commodity, sharp gains may be capped as government might intervene to curb the rising prices.
We Suggest to Buy NCDEX July Chana between 4230-4250, SL-4150, target 4400/4500.
NCDEX Pepper Tips
Pepper stocks with Vietnam are currently around 65-70 thousand tonnes. Thus they have ample stocks to liquate. Pepper prices are expected to trade sideways as arrivals in the domestic market have improved coupled with increased offtakes. However, fresh arrivals from Malaysia and Indonesia have commenced and that may resist prices from trading higher
NCDEX Pepper July contract - Support – 39000/38500, Resistance- 41500/42500.
NCDEX Jeera Tips
Jeera prices are likely to witness further selling pressure owing to fragile overseas demand coupled with ample supplies of spice in the domestic market. However, sharp downside in the prices are likely to be cushioned owing to lower acreage under jeera and carryover stocks in Syria.
We suggest to Sell NCDEX July Jeera between 13260-13300, SL-13560, Target 128000/12700.
NCDEX Turmeric Tips
Turmeric prices are expected to witness further selling due to ample supplies in the domestic market coupled with lower offtakes by the overseas and local buyers. Arrivals of Turmeric have although reduced in Nizamabad Erode arrivals continues to remain good at around 14-15 thousand bags daily.(each bag weighs 70-75 kgs).
We suggest to Sell NCDEX July Turmeric between 3920-3940, SL-4070, Target 3740/3685.
