Daily AgriCommodity Newsletter 23-May-2012

Profit booking continued in Chana, prices declines 0.8%. Pepper followed its uptrend, prices touched nearly 41000. We can expect some profit booking in the next trading session

Indore, India (prHWY.com) May 23, 2012 - MARKET WRAP FOR AGRICOMMODITY
* Cardamom hits lower circuit of 4% on decrease in spot demand.
* Jeera continued its downtrend, prices tumbles nearly 3.7%.
* Mentha Oil declines sharply on fresh arrivals in spot market.
Profit booking continued in Chana, prices declines 0.8%. Pepper followed its uptrend, prices touched nearly 41000. We can expect some profit booking in the next trading session. RM Seed traded sideways with bearish bias but recovered in the last hours of trading. Prices may recover to 3800 in the next trading session.
TECHNICAL VIEW

PEPPER (JUNE) VIEW
Trend: Consolidate | Strategy: Buy on dips
R1- 40685, R2- 41385 | S1- 40025, S2-39325
RM SEED (JUNE) VIEW
Trend: Consolidate | Strategy: Sell on highs
R1- 3777, R2- 3852 | S1- 3707, S2- 3632
SOYABEAN (JUNE) VIEW
Trend: Consolidate | Strategy: Buy on dips
R1- 3400, R2- 3450 | S1- 3350, S2-3300
TURMERIC (JUNE) VIEW
Trend: Consolidate | Strategy: Buy on dips
R1- 3996, R2- 4096 S1-3896, S2-3796
POTATO (JUNE) VIEW
Trend: Consolidate | Strategy: Buy on dips
R1- 1090, R2-1104| S1- 1076, S2- 1062
JEERA (JUNE) VIEW
Trend: Bearish | Strategy: Sell on highs
R1- 13120, R2- 13420| S1-12820, S2- 12520
MENTHA OIL (MAY) VIEW
Trend: Consolidate | Strategy: Buy on dips
R1- 1411, R2- 1437 | S1- 1385, S2- 1359
CARDAMOM (JUNE) VIEW
Trend: Consolidate | Strategy: Buy on dips
R1- 1289, R2- 1303| S1-1275, S2- 1261
CHANA (JUNE) VIEW
Trend: Consolidate | Strategy: Buy on dips
R1- 4180, R2-4250| S1- 4110, S2- 4040

GUR (JUNE) VIEW
Trend: Bullish| Strategy: Buy on dips
R1- 1143, R2-1157 | S1- 1129, S2- 1115

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