Weekly Agri Commodity Report By Money CapitalHeight 06-02-2012 TO 10-02-2012

Chana rebounded after two weeks of sell off on the back of fresh buying at lower levels coupled with short covering on concerns of lower output

Indore, India (prHWY.com) February 6, 2012 - MARKET WRAP FOR WEEKLY AGRI COMMODITY
CHANA
Chana rebounded after two weeks of sell off on the back of fresh buying at lower levels coupled with short covering on concerns of lower output. Chana prices are in a consolidation range of 2950-3500 and either way break out may see a rally while lower output production concerns will support prices at downside as well.

GUARSEED
Guar seed regained and trimmed its last week decline by gaining 6.4% on the back of firm export demand amid thin supply.Guar seed prices will take cues moreover from its production in major producing regions like Gujarat and Rajasthan though NCDEX has postponed its new contract to limit the upside.

JEERA
Jeera ended down for second consecutive week due to higher production concerns and technically it is forming a symmetrical triangle on the chart..Jeera prices may continue its downtrend but it will be limited due to fresh buying at lower levels and short covering though production cues will affect the prices in the near term.

PEPPER
Pepper extended its downtrend on the back of subdued demand outlook coupled with higher production as well in near term.Pepper prices are expected to remain sideways and it will take cues from fresh arrival in domestic market and Vietnam which will gain momentum in March.

Technical Views

CHANA VIEW
Trend: Consolidate | Strategy: Sell On High
R1- 3400, R2- 3550 | S1- 3190, S2- 2950

GUARSEED VIEW
Trend: Bullish | Strategy: Buy On Dips
R1- 13500, R2- 14800 | S1- 11800, S2- 9750

JEERA VIEW
Trend: Consolidate | Strategy: Sell On High
R1- 16800, R2- 15200 | S1- 14000, S2- 13400

PEPPER VIEW
Trend: Consolidate | Strategy: Sell On High
R1- 31600, R2- 33400 | S1- 29300, S2- 28400

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