Agri Weekly Report: Motilal Oswal

Motilal Oswal's report on Agri Weekly

Soybean

NCDEX Soya bean traded in a sideways range in the preceding week closing at Rs.3775. Immediate support is placed at Rs.3735whereas resistance is at Rs.3800. The 14-period RSI is flat and is not indicating any directional move. Sideways consolidation is likely to be seen in the coming sessions in the given range. Price break below support will test Rs.3638 whereas break above resistance will target Rs.3800.

RSO

As seen on 240-min chart NCDEX RSO is trading in a rising channel forming higher highs and higher lows pattern. The counter has very immediate support at Rs.815 whereas recent high Rs.825.40 will act as strong resistance. The 14-period RSI has reversed from its overbought zone and MACD has also given a crossover. Price sustained break below support will confirm weakness towards Rs.800 – 795 levels. So, selling below support is recommended.

RMSeed

As seen on 240-min chart NCDEX RM Seed traded in a sideways consolidation and is not indicating any trend direction. Support is placed at Rs.4540 whereas Rs.4692 will act as strong resistance. Price sustained break below support will confirm weakness towards Rs.4450 – 4400 area. So, selling below support is recommended.

Chana Seed

NCDEX Chana recently broke the downward sloping channel and close at Rs.4164. Moth the momentum indicators RSI and MACD are indicating positive move for the counter. Immediate support is at 4125 of falling trend line where as critical support is at Rs.4100. Sideways-to-positive move is likely to continue in the coming sessions as long as price holds above support. Resistance is at Rs.4200 – 4250 area.

Guar Gum

As seen on 240-min chart NCDEX Guargum is trading in a symmetrical triangle signifying consolidation in the coming sessions. Both the momentum indicators are flat and is not indicating trend direction. Support is placed at Rs.5450 whereas resistance is at Rs.5625. Sideways consolidation is likely to continue in the coming sessions and price break on either side will confirm further trend direction.

COCUD

NCDEX Cocud reversed from its key resistance are of rising channel and closed at Rs.2155. The 14-period RSI has reversed from its overbought zone and MACD is about to give a crossover. Price sustained break below recent low will confirm short-term weakness in price and will target Rs.2090 – 2040 levels. So, selling only below support is advised in the coming week.

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