Cotton futures (Feb) is expected to face resistance 20805 levels.
CapitalStars Investment Adviser
The sentiments
are bearish on account of weak demand from both yarn mills and overseas
markets. Presently, the export demand is sluggish as the prices being offered at
around 74-75 cents per pound are higher as compared to the global market. Day’s
ahead, the talks on US-China trade situations will give direction to the cotton prices
in the international market. Guar seed futures (Feb) may fall further towards 4040
levels, while guar gum futures (Feb) is expected to witness more correction & test
8000-7900 levels. Due to lack of fundamentals & lack of clarity in direction of
prices, the buyers are staying away from fresh buying. Anticipation of 60%
probability of El Niño conditions to form and continue through the Northern
Hemisphere spring 2019 has induced cautiousness among the market participants.
However, one must keep a close look as both the counters are witnessing
consolidation & open interest is declining, giving an indication of a possible trend
reversal. The trend of chana futures (Mar) is bearish & may trade sideways to down
in the range of 4165-4265 levels. Overall, the sentiments are weak due to higher
arrivals of new crop and the rise in selling pressure by the NAFED, especially in the
states of Madhya Pradesh and Rajasthan. Mentha oil (Feb) is likely to take support
near 1540 levels. The sentiments are turning positive on account of delayed sowing
due to untimely rains which may bring a considerable dip in the crop yield.
HAPPY TRADING!!!!!!!!!!!!!!!!!!
Click here to visit my website : https://bit.ly/1h8KZUM
Free Trial link : https://bit.ly/2u2GUhK
Any queries CALL US : 9977499927
CLICK HERE FOR GET DETAILS & JOIN OUR BEST ADVISORY -
Visit our website : http://www.capitalstars.com/free-trial
CAPITALSTARS CALL US : 9977499927
No comments:
Post a Comment