NCDEX Soybean

NCDEX Soybean has been the worst performer in

edible oil complex for the past nine months and the

same is likely to continue going ahead. Strong short-

term supports are placed at Rs.2990 - 2975 zone

whereas Rs.3215 - 3230 zone is expected to provide

stiff resistance. Only move above Rs.3230 would be

first bullish sign, till then selling on rise is advised.

NCDEX Jeera

NCDEX Jeera rallied consistently in the previous

week and short-term trend remains bullish. Strong

short-term supports are placed at Rs.17650 / 17325

whereas Rs.18020 / 18350 may act as stiff

resistances. Buying on dip near mentioned support is

advised. However, move below Rs.17325 on daily

closing basis would negate the bullish view.

Monday, January 23, 2017

Please refer to disclaimer at the end of the report.

NCDEX RMSeed

NCDEX RMSeed is consolidating within a broad range

of Rs.3835 – 4000 and either side sustained breach

could provide further positional direction. Looking at

prior trend, bias remains weak as long as Rs.3975

curtains the higher side. Crucial supports on the

lower side are still placed at Rs.3875 / 3835 mark.

Selling on rise is advised.

MCX Mentha Oil

MCX Mentha Oil has formed an inverted ‘Head &

Shoulders’ price pattern which is a trend reversal

pattern and confirmation of the same occurred

above Rs.1005 level. Strong short-term supports are

placed at Rs.986 / 950 whereas Rs.1030 / 1072 may

act as immediate strong resistances. Buying on dip

near mentioned support is advised. Breach above

Rs.1030 could increase the bullish momentum.

However, breach below Rs.986 on daily closing basis

would negate the bullish view.

NCDEX Guarseed

NCDEX Guarseed has formed a base near Rs.3080 –

3160 zone and has bounced sharply towards Rs.3400

mark. Price has tested Rs.3000-3160 zone multiple

times in the past one year forming a strong base.

Rise above Rs.3430 on a closing basis could now

trigger a sharp rise targeting Rs.3515 - 3570 zone

which is next major resistance. As long as above

Rs.3120, dip buying is advised.

Please refer to disclaimer at the end of the report.

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MCX CPO

MCX CPO continues to rise gradually and there is

no major reversal sign yet. Strong short-term

support is placed at Rs.573 / 553 whereas Rs.598 –

605 zone is expected to act as stiff resistance. As

long as Rs.573 is held, dip buying is advised.

However, move below the same could result in

correction targeting Rs.553 or lower.