10/05/2010 05:38:00 PM
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NCDEX Review
Guar
Guar futures in the intraday may witness sideways movement. In the short term, Guar prices may remain firm as the pace of fresh arrivals is very slow. However, prices may decline thereafter on expectations of better output in the coming season. In the medium (November onwards) prices will depend on the pace of arrivals of early sown Guar crop and stocks of Guar with the stockists.
Chana
In the short term, Chana prices may trade firm on expectations of better demand ahead of festive seasons. However, November onwards, Chana futures are expected to remain under pressure on the reports of higher sowing acreage under Kharif Pulses. In the long term (December onwards) Chana prices may take cues from the prices of other pulses and sowing progress of Chana in the major growing areas.
Jeera
Jeera prices in the intraday will trade sideways with no clear fundamentals to drive the prices. In the short term (till October), trend will depend on jeera price parity of various origins in international market. In the medium to long term (November onwards) prices are likely to take cues from stocks with major producing nation such as India, Syria and Turkey.
MCX -METAL Review
Gold
Gold prices on the MCX will be further supported as the Indian Rupee has started to depreciate. Currently, the domestic currency is trading at 44.69 (11.30 pm IST). MCX December Gold has support at 19180/19120 whereas resistance is seen at 19290/19330. MCX December Silver shall find support at 32940/32755 whereas resistance is seen at 33275/33425 levels.
Crude Oil
Crude oil prices will take cues from the inventory data to be released by the American Petroleum Institute (API) later in the evening today. Markets are anticipating inventories to increase by 600,000 barrels. Moreover, strength in the DX will also cap gains in crude oil prices. However, the ongoing strike in France may cushion crude oil prices. Support for NYMEX November Crude Oil is seen at
$80.60/$79.85 levels & resistance at $82.20/$83.00 levels. Natural Gas MCX October contract has major support at Rs. 163.30 & resistance at Rs 173.00 levels.
