Live NCDEX Commodity Tips For Today: 31st March '12

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NCDEX Chana Tips

Inability to sustain above 3647 may see a lower correction towards 3540 followed by 3510 levels. Chana futures closed nearly flat after reversing initial losses as fears of a decline in output in the current season outweighed arrival pressure. It has a consolidate trend today.

We suggest to Sell NCDEX Chana (Apr) below 3643, Target: 3600-3550, Stoploss: 3670.

NCDEX Jeera Tips

Jeera April futures prices are expected to trade slightly positive on extended recovery during early trading hours. However, overall trend is still weak which might limit sharp gains during the day. We expect to see a short covering rally towards 12500 levels for the day. It has a bearish trend today.

We suggest to Sell NCDEX Jeera (Apr) below 12245, Target: 12050-11900, Stoploss: 12280.

NCDEX Pepper Tips

Pepper Apr ncdex: After a major selloff happened yesterday, prices bounced back from the downside support of 39200 levels. If prices break and sustain above 41500 then a bullish momentum may reestablish in the counter, which could guide prices higher towards 43500/45100 levels. However, weakness is seen only below 40000 levels. It has a bull trend today.

We suggest to Buy NCDEX Pepper (Apr) above 40850, Target: 41200-41600, Stoploss: 40650.

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Counter has established a major weakness and likely to persist with an objective of 5240/5190 or even further. However, in this dreary state voluminous trade above 5344-50 region could question our intraday weakness and push prices towards 5385/5410 for a pullback. Turn around level seen at 5425 region. Crude Oil suggest that prices have given a breakdown from the rising channel formation. MACD is in a sell mode. We expect prices to correct up to levels of 5240.

Free MCX Tips-

MCX Crude oil Apr: Sell around 5320 levels with a stop loss placed above 5360 levels for targets of 5240 levels.

MCX Natural Gas April: Sell around 111 levels with a stop loss placed above 114 levels for a target of 107 levels.

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NCDEX Jeera Tips

We expect to see a short covering rally towards 12500 levels for the day. It has a bearish session today We suggest to Sell Jeera (Apr) below 12000, For Target of 11900-11800, Stoploss: 12090.

NCDEX Chana Tips

Chana futures shed more than 2 percent as new crop arrivals picked up. Arrivals of Chana in Madhya Pradesh and Rajasthan, the top two producing states, are likely to reach peak levels next week. It has a consolidate trend today.

We suggest to Sell Chana (Apr) at 3642, For Target of 3600-3550, Stoploss: 3670.

NCDEX Pepper Tips

NCDEX Pepper has a bullish session today. Pepper futures dropped as high prices in the spot market dented export and domestic demand. In the Kochi spot market in Kerala, pepper fell 573 rupees to 40,206 rupees per 100 kg. Industry officials estimate 43,000-45,000 tons of local pepper output in 2012, compared with 49,000 tons last year.

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NCDEX Pepper Tips

Pepper: Pepper April futures prices are expected to trade volatile with biased towards down side on back of sluggish spot market activity. Most of the bulk buyers are staying away from market due to prevailing uncertainty in prices. According to trade sources, most of the traders are not buying currently due to financial year closing.

Now NCDEX Pepper has a resistance levels of 42533 and a support level of 40733. Buying activities are expected to pick up from early April as the industrial buyers are expected to become active.

NCDEX Chana Tips

Chana futures rebounded on short covering after falling sharply in the last few sessions. Arrivals of Chana in Madhya Pradesh and Rajasthan, the top two producing states, are likely to reach peak levels next week. In the Delhi spot market, Chana prices fell 5 rupees to 3,500 rupees per 100 kg.

NCDEX Chana has a support at 3588 and a resistance level at 3784. Buying activities are expected to pick up from early April as the industrial buyers are expected to become active.

NCDEX Tips

NCDEX Jeera (Apr):

Buy above 12000, Target: 12200-12400, Stoploss: 11830.

NCDEX Turmeric (Apr):

Buy Above 4230, Target: 4290-4350, Stoploss: 4160.

NCDEX Cardamom (Apr):

Sell Below 1155, Target: 1130-1100, Stoploss: 1175.

NCDEX Soya bean (Apr):

Buy above 3000, Target: 3025-3050, Stoploss: 2985.

NCDEX Mustard seed (Apr):

Sell below 3900, Target: 3860-3820, Stoploss: 3922.

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NCDEX Pepper Tips

Pepper Apr ncdex: Broad bias is still in the positive side, but major upside movement is possible only above 42700, which may retest prices towards 43500 followed by 44000/44580 levels. Conversely, on the lower side, if prices cut the support at 40500, may see downside towards 40000 followed by 39580 levels in the near term.

NCDEX Jeera Tips

Jeera futures fell to a fresh contract low due to mounting supplies in the spot market amid expectations of higher production. NCDEX Jeera (Apr) contract is trading in a bearish pattern again. We expect continuation of prevailing weakness as long as prices stay below 12350 levels. Supports: 11750/11500. 

We suggest that sell NCDEX Jeera (Apr) Below 11950, Target: 11700-11500, Stoploss- 12010.

NCDEX Chana Tips

NCDEX Chana (Apr) is trading in a consolidate pattern after getting a long bull session. Indian Chana futures closed down on increased supplies from the new season crop in spot markets. In the Delhi spot market, chana fell 106 rupees to 3,504 rupees per 100 kg. 

We suggest to sell Chana (Apr) Below 3700, Target: 3650-3600, Stoploss- 3735.

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MCX Crude Updates

Prices seen trading firmly so far this day. So in the evening session counter likely to continue positive move towards 5545/5580 or even higher. Alternatively, a break below 5470 region could scale down prices towards 5445 region for a swing higher. Major weakness seen only below 5420 region. Crude oil prices have given a breakout from a symmetrical triangle. Daily stochastic is building strength and prices are trading above short term averages. We expect prices to go up to levels of 5,550 levels. We recommend a buy around 5,450 levels with a stop loss placed below 5,380 levels for a target of 5,550.

MCX Copper Updates

Expect to move up and find resistance at 437/439 or further more as long as prices stay above 431. Unexpected sell off below 429 could negate our intraday bullish expectations and take prices lower. Copper prices are trading close to a crucial resistance of 434. MACD is loosing its strength. Immediate support is 429 levels where the short term averages are placed. We recommend a sell below 429 levels with a stop loss placed above 440 levels for a target of 415 levels

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NCDEX Chana Tips

Chana prices are expected to remain under downside pressure on fears of government intervention to curb rising prices which had gained more than 30% since the commencement of arrivals from mid January. A major trend line support is seen at 3685, any voluminous break below the same can expect a lower correction towards 3647 followed by 3610 levels for the day.

Trading Call: Sell NCDEX April Chana between 3740-3750, SL-3835, target 3600/3550.

NCDEX Pepper Tips

Pepper Apr ncdex: The day’s trend probably will be a positive mood, as long as prices are able to stay above 22 day EMA support of 40500 levels. But the major upside movement is possible only above 43500 which may test key resistances of 44000 and 44800 levels. Conversely, major weakness may see only below 40000 levels for the day

Trading Call: Sell NCDEX April Pepper between 42500-43000, SL-45150, Target 39000/38000.

NCDEX Jeera Tips

Jeera April futures prices are expected to continue the down trend on back of prevailing bearish fundamentals across the spot market. Poor domestic demand along with rising arrivals at spot markets are keeping bulk buyers away from market and thus pressurising the prices to trade down. We expect continuation of prevailing weakness as long as prices stay below 12350 levels. Supports: 11850/1150.

Trading Call: Sell NCDEX April Jeera between 12000-12100, SL-12835, Target 11000/10500.

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MCX Gold Trend

Gold is expected to trade lower during the week, taking cues from expected strength in the US dollar coupled with poor market on account of deepening worries over global economy.

However, depreciation in the Indian Rupee may cushion sharp downside on the domestic bourses

MCX Gold April: Support 27851/27595 Resistance 28255/2841

We recommend a buy above 28200 levels with a stop loss placed below 28000 levels for a target of 28700 levels.

MCX Copper Updates

Rising uncertainty with respect to global economic growth may affect demand for industrial metals. Additionally, strength in the US dollar will also exert further downside pressure on copper prices. However, fall in the red metal inventories may cushion sharp decline in prices.

Weakness in the Indian currency may provide support to the metal prices on the domestic platform.

MCX Copper Support 428.20/424.10 Resistance 436/440(CMP: 434.10).

MCX Silver Tips

The daily price chart suggest that prices have reversed after taking support of 56000 levels. Prices are currently trading close to a crucial resistance 57400. RSI has given a positive crossover.

We recommend a buy above 57400 levels with a stop loss placed below 56000 levels for a target of 59200 levels.

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MCX Copper may note some gains tracking international exchanges however the bias remains negative. LME copper trades higher in early trades today after noting sharp gains yesterday. Prices may seek support from improving pace of recovery in US and expectation of tightness in physical markets amid falling stocks at LME and supply constraints. Copper stocks at LME warehouses continued to decline and fell by 2,875 tons yesterday to hit the lowest level since July 2009 while cancelled warrants hovered near 32%, signaling strong physical demand. However persistent worries over weakening demand from China and rising stocks at SHFE warehouses are capping the upside. Further prices may come under pressure amid growing fears of recession in Euro Zone, weakness in global equities and firmness in US Dollar. Prices may further track economic releases and its impact on movement in global equity and currency markets. As for today, focus will be on US New Home Sales. Support for April copper is seen at Rs.426 while resistance is seen at Rs.436.

courtesy: myiris.com

NCDEX, NCDEX Tips and Trend For Today: 24th March '12

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NCDEX Pepper Tips

Pepper prices turned lower in sync with 2.9% decline in Vietnam markets. Turmeric slipped marginally while holding above Rs4,250. pepper prices moved with bears and for the day weakness may continue towards 40000 followed by 39580 levels. NCDEX Pepper Apr contract is looking bullish for its intraday trading session. Now it has a resistance of Rs. 44500 and a support level of Rs. 41000. We suggest that an intraday trader should Buy Pepper on its lower levels.

NCDEX Chana Tips

Chana prices ended lower by 4 percent on fears of a possible government intervention to curb the surge in the prices. In the Delhi spot market, Chana rose 20 rupees to 3,720 rupees per 100 kg. NCDEX Chana Apr contract is looking bullish for its intraday trading session. Now it has a resistance of Rs. 3900 and a support level of Rs. 3680. We suggest that an intraday trader should buy Chana on its lower levels.

NCDEX Jeera Tips

Jeera futures fell to a new contract low due to mounting supplies amid higher estimated production. In Unjha, a key trading market in Gujarat, Jeera fell 12.5 rupees at 12,748.5 rupees per 100 kg. NCDEX Jeera Apr contract is looking bearish for its intraday trading session. Now it has a resistance of Rs. 12450 and a support level of Rs. 11800. We suggest that an intraday trader should Sell Jeera on its higher levels.

Copper Updates For Today: 23rd March '12

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Copper was the top performer amongst the base metals pack on the LME today, as the metal rose almost 1 percent on the LME and around 0.5 percent on the MCX till 4.30 pm IST today. MCX Copper may note some gains tracking international exchanges however the upside remains capped. Weakness in the US dollar coupled with decline in copper Shanghai inventories acted as a positive factor for the red metal prices. MCX Copper may trade in range of 428-435 while lead can trade in range of 101-103.50 and zinc in range of 101.50-103.50. Copper futures settled down 2% as a darkening outlook on Chinese demand and global economic growth compounds pressure from a stronger dollar and weaker U.S.

Trading Strategies For Today

MCX Gold April: Buy around 27,850 levelr with a stop loss placed below 27,700 levels for targets of 28,100 levels.

MCX Silver May: Sell around 56,800 levels with a stop loss placed above 57,200 levels for targets of 56,000 levels.

MCX Crude April: Sell around 5,450 levels with a stop loss placed above 5,475 levels for targets of 5,400 levels.

MCX Natural Gas March: Buy around 119 levels with a stop loss placed below 117 levels for a target of 122 levels.

MCX Copper April: Buy above 431 levels with a stop loss placed below 428 levels for targets of 435 levels.

MCX Lead March: Buy above 103 levels with a stop loss placed below 102 levels for targets of 105 levels.

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Copper Updates

Base metals is quite volatile. Copper, aluminum and lead are strongly seen. While on MCX Nickel is a declining trend.

The consolidation of 0.5 per cent on MCX Copper is trading at Rs 432.50. Lead and zinc also declined 0.5 per cent to Rs 102.40 and Rs 102.85 respectively are traded. Aluminum has a slight edge, but nickel is trading at Rs 942.80 to close 0.5 per cent fall.

In MCX Copper our analyst suggest that prices are taking support on the top to top rising trend line. Stochastic is in a buy mode. We expect prices to go up to levels of 435 if the prices trades above 431 levels.

MCX Commodity Tips

MCX Copper Tips

Trading Call: Buy above 431 levels with a stop loss placed below 428 levels for targets of 435 levels.

MCX Silver May

Trading Call: Sell around 56800 levels with a stop loss placed above 57200 levels for targets of 56000 levels.

MCX Gold Apr

Trading Call: Buy around 27850 levels with a stop loss placed below 27700 levels for targets of 28100 level

MCX Crude Oil

Trading Call: Sell around 5450 levels with a stop loss placed above 5475 levels for targets of 5400 levels.

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NCDEX Pepper:

Pepper April futures prices are expected to trade slightly lower on extended corrections. At spot front traders who were holding back earlier, are now selling their stock due to increased tax from 4% to 5% which is creating pressure on prices. However, arrivals at terminal market are still lower as traders from Tamil Nadu are directly buying from growers.

NCDEX Jeera:

Jeera April futures prices are expected to trade lower on back of rising supplies across the spot markets. Poor demand at domestic market might also weigh on prices. Bulk buyers and exporters both group are staying away from heavy buying due to continuous fall in prices. As per markets sources, arrivals at spot market of Unjha were reported around 38000 bags against 45,000 (1 bag=60Kg.)

NCDEX Tips For Today's Trading-

Commodity	Strategy	Levels	Target 1	Target 2	Stop-Loss	Trend*
Pepper (Apr)	Sell	Below 42100	41800	41500	42280	Up
Jeera (Apr)	Sell	Around 12200	11900	11500	12400	Down
COCUDAKL (Apr)	Buy	Around 1335	1355	1380	1322	Consolidate
Turmeric (Apr)	Sell	Around 4350	4300	4250	4375	Down
Chana (Apr)	Sell	Below 3875	3840	3800	3905	Consolidate
Cardamom (Apr)	Buy	Above 1225	1260	1300	1205	Up
Soya bean (Apr)	Buy	2875-2880	2910	2950	2860	UP
Soya oil (Apr)	Buy	Around 732	736	740	729.5	Up
Mentha oil (Mar)	Buy	Above 2200	2230	2260	2180	Consolidate

 

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Copper Updates

After consolidating for the last few days, prices have cleared the recent swing support of 428.50 in the early session. Looking ahead prices have more room for further sell off towards 425 followed by 421/417 levels. It has to trade consistently above 436 to dent our bearish expectations.

Copper prices are expected to trade within the range from 433 – 426, one should trade within the range. Oscillators are in positive territory.

MCX Gold

Trading Call: Buy around 27850 levels with a stop loss placed below 27700 levels for targets of 28100 levels.

MCX Silver

Trading Call: Sell around 56800 levels with a stop loss placed above 57200 levels for targets of 56000 levels.

MCX Crude Oil

Trading Call: Sell around 5450 levels with a stop loss placed above 5475 levels for targets of 5400 levels.

MCX Copper Tips

Trading Call: Buy above 431 levels with a stop loss placed below 428 levels for targets of 435 levels.

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NCDEX Jeera Tips

Arrivals of jeera crop declined marginally below 40,000 bags while trades increased to about 38,000 bags at auctions held at Unjha market. Spot rates for new crop declined to 126-128 per kg while old crop was sold at 118-120 per kg, as per local traders.

Trading Call: Jeera (Apr) Sell Below 12250, Target: 12050-11800, Stoploss: 12370.

NCDEX Chana Tips

Chana futures witnessed a highly mixed to weak trade during the last trading session. It opened weak followed by sharp buying marking a days high in initial hour of trade followed by sharp profit booking. Sharp selling lead the prices to end the day on a weak note. Key spot market witnessed mixed trade with key markets of Bikaner witnessing an up move of Rs. 15, whereas key market of Delhi witnessing down move of Rs 32.5.

Trading Call: Chana (Apr) Sell Below 3770, Target: 3735-3700, Stoploss: 3795.

NCDEX Pepper Tips

Pepper Apr ncdex: If prices hold the support region of 42000, i.e. the 45 day EMA, then a reactionary rally can be expected towards 43000 followed by 43500, We expect major falls only if a break occurs below 41800 towards 41210 followed by 40000 levels. Conversely on the higher side, prices must stay above the 44000 levels to resume a fresh uptick towards 44720/45100 in the near term.

Trading Call: Pepper (Apr) Sell Below 42400, Target: 42000-41600, Stoploss: 42620.

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NCDEX Chana

Chana futures eased on higher arrivals from the new season crop in the physical market. In the Delhi spot market, Chana fell 129 rupees to 3,600 rupees per 100 kg. The new season arrivals in Madhya Pradesh and Rajasthan states, the top two growers, are rising and could drag down prices.

NCDEX Guarseeds

Guar futures rose 4 percent, the maximum permitted daily limit, to hit a record high with reduced volumes as traders struggled to buy commodity amid negligible arrivals and low carry-forward stocks. Traders have predicted a deficit of around 25 percent in guar seed supply in the market, which is supporting the prices at higher levels.

NCDEX Jeera

Jeera futures in India fell to a new contract low because of mounting supplies from the new season crop. In Unjha, a key trading market in Gujarat, Jeera dropped 226 rupees to 13,097 rupees per 100 kg. About 28,000-30,000 bags of 60 kg each from the new crop have been arriving daily at Unjha.

NCDEX Pepper

Pepper futures ended steady after hitting a fresh contract high as profit-taking offset lower supplies and weak stocks. Overall supplies have been low in the domestic market since the start of the season because of reduced arrivals from farmers expecting further price increases due to lower estimated output. In the Kochi spot market in Kerala, pepper rose 361 rupees to 41,686 rupees per 100 kg.

NCDEX Live Tips For Today: 19th March '12

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Spices exports have jumped nearly 1 per cent. While pepper exports during April-January is about 50 per cent. Turmeric has been bouncing around 70 per cent of the exports. The nearly 220 per cent rise in exports of the different cardamom is recorded. Lekil red pepper exports about 18 per cent have seen. Similarly, export of coriander is also severely reduced.

About 2 per cent fall at NCDEX Pepper is trading at Rs 41 220. Pepper prices are expected to continue its uptrend on strong demand amid tight supply in the market. As per market source, traders and growers are holding back stocks in anticipation of a further rise in prices. Also, the arrival from Karnataka was lesser than expected. On Saturday, the spot price for garbled pepper traded at Rs.42400 per 100kg.

Turmeric has declined by 2 per cent and is trading at Rs 4,265. Defying the weak trend in spot market, turmeric futures gained. Meanwhile, prices are expected to fall further as the arrivals are likely to increase in the coming days and also carryover stocks are very high this year While on MCX cardamom with 4 per cent to Rs 1,274 is reached. Chilli on NCDEX slipped 3.5 per cent is close to Rs 5,400. Coriander is also 3.5 per cent fall turnover is around Rs 4,200.