Fortune Financial Servies has come out with its
report on agro commodities. According to the research firm, NCDEX Soy
oil future contract is expected to remain positive on chart, traders can
buy. Intraday resistance is seen near Rs 687.98, Rs 691.07 & Rs
693.93 . Intraday support is seen near Rs 682.03, Rs 679.17 & Rs
676.08.
Soybean and soyoil futures on National Commodity and Derivatives Exchange ended down tracking weakness in their global peers on Chicago Board of Trade, where higher-than-expected soybean stocks in US continued to weigh on prices.
Mustard futures on NCDEX also ended down on expectation of a surge in arrivals later this week as activities have resumed after the Holi festival.
Most chilli contracts on NCDEX reversed intraday trend to end higher dueto short covering and bargain buying. Chilli futures had fallen earlier today due to high supplies in the spot market.
Most coriander futures ended up over 2 percent taking cues from spot prices, which gained on strong demand from stockists coupled with lower arrivals.
Jeera futures ended lower due to rising new crop arrivals amid subdued demand. Higher production estimates for this year also weighed on the commodity.
Pepper futures ended lower due to higher arrivals in major spot markets amid poor demand by domestic buyers.
Positional View: Soybean futures on National Commodity and Derivatives Exchange are likely to trade within a narrow range in the coming week as buyers may refrain from buying at higher levels. Though shipping delays in Brazil and likely increase in demand for US soy are lending a bullish tint to soybean prices, high US stockpiles and decreased investor appetite in the local markets would keep prices on a leash.
Technical Analysis
NCDEX Soy oil future contract is expected to remain positive on chart, traders are advised to buy and intraday resistance is seen near 687.98 , 691.07 & 693.93 . Intraday support is seen near 682.03 679.17 & 676.08
NCDEX Soy bean future contract is expected to remain positive on chart, traders are advised to buy and intraday resistance is seen near 3663.83 , 3687.67 & 3711.83 . Intraday support is seen near 3615.83 3591.67 & 3567.83
( http://www.moneycontrol.com/news/brokerage-recos-commodities/ncdex-soy-oil-fut-has-resistance-at-rs-68798-fortune-fin_845579.html)
Soybean and soyoil futures on National Commodity and Derivatives Exchange ended down tracking weakness in their global peers on Chicago Board of Trade, where higher-than-expected soybean stocks in US continued to weigh on prices.
Mustard futures on NCDEX also ended down on expectation of a surge in arrivals later this week as activities have resumed after the Holi festival.
Most chilli contracts on NCDEX reversed intraday trend to end higher dueto short covering and bargain buying. Chilli futures had fallen earlier today due to high supplies in the spot market.
Most coriander futures ended up over 2 percent taking cues from spot prices, which gained on strong demand from stockists coupled with lower arrivals.
Jeera futures ended lower due to rising new crop arrivals amid subdued demand. Higher production estimates for this year also weighed on the commodity.
Pepper futures ended lower due to higher arrivals in major spot markets amid poor demand by domestic buyers.
Positional View: Soybean futures on National Commodity and Derivatives Exchange are likely to trade within a narrow range in the coming week as buyers may refrain from buying at higher levels. Though shipping delays in Brazil and likely increase in demand for US soy are lending a bullish tint to soybean prices, high US stockpiles and decreased investor appetite in the local markets would keep prices on a leash.
Technical Analysis
NCDEX Soy oil future contract is expected to remain positive on chart, traders are advised to buy and intraday resistance is seen near 687.98 , 691.07 & 693.93 . Intraday support is seen near 682.03 679.17 & 676.08
NCDEX Soy bean future contract is expected to remain positive on chart, traders are advised to buy and intraday resistance is seen near 3663.83 , 3687.67 & 3711.83 . Intraday support is seen near 3615.83 3591.67 & 3567.83
( http://www.moneycontrol.com/news/brokerage-recos-commodities/ncdex-soy-oil-fut-has-resistance-at-rs-68798-fortune-fin_845579.html)
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