MARKET WRAP FOR WEEKLY AGRI COMMODITY 

CHANA

Chana ended after two weeks of downtrend on the back of short covering and

fresh buying at lower levels though its demand outlook is still cautious.

Chana acreage has grown up by 1.17% though its area sown is still at 7.94

mn hectare vs. 7.97 mn. Its prices will take cues from its sowing progress and

its demand and arrivals in the domestic market.

GUARSEED

Guar seed continued its uptrend to make a fresh all time high of 5742 as its

special margin of 10% is removed coupled with its robust demand outlook.

Guar seed trend is now a bit cautious as the arrival season is ongoing in the

domestic market though any news of lower arrivals from major producing

states like Rajasthan and Gujarat can extend the upward momentum.

JEERA

Jeera ended up due to short covering and fresh buying on report of weak

sowing and unfavorable weather conditions in major Jeera producing regions.

Jeera prices will take cues from its sowing progress in Gujarat & Rajasthan

and its carryover stocks, also, weak weather conditions can support prices.

PEPPER

Pepper gained for fifth consecutive week as 10% special margin is removed

from long positions coupled with its lower output in domestic market amid thin

supply..

Pepper prices will take cues from its domestic and international production

reports and Indian pepper price competitiveness in the international market.

Any news of lower output will support prices in upward momentum.

TECHNICAL VIEWS

CHANA VIEW

Trend: Consolidate | Strategy: Sell On High

R1- 3250, R2- 3500 | S1- 3050, S2- 2900

GUARSEED VIEW

Trend: Bullish | Strategy: Buy On Dips

R1- 5780, R2- 5970 | S1- 5300, S2- 5150

JEERA VIEW

Trend: Consolidate | Strategy: Sell on High

R1- 14000, R2- 14500 | S1- 13200, S2- 12400

PEPPER VIEW

Trend: Consolidate | Strategy: Buy On Dips

R1- 36300, R2- 37300 | S1- 34300, S2- 32400

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