Chana gained Rs 3 and settled at Rs 2344 per quintal as spot demand picked up ahead of the festival season amid restricted supplies, though hopes of higher sowing of kharif pulses limited the rise. Consumption of pulses increases during the rainy season. Any dip in prices should be taken as an opportunity to buy. In Delhi spot market, chana gained 24 rupees to end at 2,300 rupees per 100 kg. The volume was noted at 69210 lots. Support for chana is at 2335 below that could see a test of 2325. Resistance is now seen at 2358 above that could see a resistance of 2371.
Soyabean yesterday we have seen that market has moved 1.71% on strong spot demand. In the Indore spot market, soybean jumped by 34 rupees to 2,028 rupees per 100 kg. Market has opened at 2035 & made a low of 2035 versus the day high of 2069. The total volume for the day was at 62080 lots and the open interest was at 76590.Support for soyabean is at 2039 below that could see a test of 2020. Resistance is now seen at 2073 above that could see a resistance of 2088.
Mentha oil August contract dropped Rs 1.1 and settled at Rs 721.1 a kg fall in demand at physical markets. Increased arrivals at spot market from the producing belts in Uttar Pradesh also weighed on the prices. There have been expectations of some more profit booking before demand picks up again at lower levels. The contract made intraday low of Rs 716.7 a kg and high of Rs 727.1 a kg with the volume of 1808 and total open interest for the same contact was at 4262.Now support for the menthol is seen at 716.2 and below could see a test of 711.2. Resistance is now likely to be seen at 726.6, a move above could see prices testing 732.
Pepper August delivery dropped Rs 127 and settled at Rs 20720/quintal on sluggish spot market demand. Higher prices of Indian pepper in the international markets are making Indian parity out priced in the global markets. Black Pepper MG-1 at Kochi quoted steady at Rs 20600 per 100 kg and arrivals and offtakes were 200 quintals. Spot pepper fell 230 rupees to end at 20,625 rupees per 100 kg in Kochi. The contract touched the intraday high of Rs 21125/quintal while low of Rs 20580/quintal. Now support for the pepper is seen at 20492 and below could see a test of 20263. Resistance is now likely to be seen at 21037, a move above could see prices testing 21353.
Guar yesterday we have seen that market has moved 0.25% in the wake of rising demand of guargum miller
Lundin Mining Corp. said it has been notified of possible strike action at its Aguablanca nickel-copper mine in Spain and this, combined with recent heavy rains, has led it to reduce its guidance for the operation's 2010 production. Nickel has touched a low of Rs 948.3 a kg after opening at Rs.953.6, and last traded at Rs 959.1.For today market is looking for the support at 949.7, a break below could see a test of 940.2 and where as resistance is now likely to be seen at 967.2, a move above could see prices testing 975.2.Indian markets were trading firm on Friday as global market sentiment has improved. US markets closed near their all-time highs on Thursday and Futures trading was slightly positive this morning.
News in Focus
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Main Regional Stories
Titan Company, Infosys, HCL Technologies and TCS were among major gainers in early trades as technology stocks continued with the rally from yesterday's session.
Jio Financial Services, Bharti Airtel, HCL Technologies, Bajaj Auto, Eicher Motors, UltraTech Cement and Bajaj Finance were among major gainers on NSE during Tuesday's trading session.
Endurance Technologies continues to emerge as a standout in the Indian auto component space, backed by a robust growth trajectory and strategic expansion plans.
New York is on the verge of redefining its sports betting landscape through proposed legislation that could prohibit sportsbooks from capping or restricting sharp bettors who consistently secure winnings.
