Wheat yesterday traded with the negative node and settled -0.16% down at 1249 due to subdued domestic demand amid higher stocks from the fresh crop.
Wheat sowing has been completed in most of the areas and conducive weather condition could help in harvesting record output for the second straight year.
Wheat acreage was 27.6 million hectares until Dec. 30, since the sowing season began on Oct. 1, as against 27.7 million hectares in the previous year, data showed.
India expects a record Wheat harvest of 86 million tonnes in 2012, the farm secretary said in October, raising hopes of exports for a second straight year from the world's second-biggest producer and consumer of the grain after China.
In Delhi wheat prices gained 1.7 rupee to end at 1243.35 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1242 after opening at 1249, and finally settled at 1249.
For today's session market is looking to take support at 1243.3, a break below could see a test of 1237.7 and where as resistance is now likely to be seen at 1253.3, a move above could see prices testing 1257.7.
Trading Ideas:
Wheat trading range is 1237.7-1257.7.
Wheat fell due to subdued domestic demand amid higher stocks from the fresh crop
Wheat acreage was 27.6 million hectares until Dec. 30, since the sowing season began on Oct. 1
India expects a record Wheat harvest of 86 million tonnes in 2012, the farm secretary said in October
In Delhi wheat prices gained1.7 rupee to end at 1243.35 rupees per 10 kg.
Courtesy: Kedia Commodities
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