Oilseed complex are expected to trade range bound with positive bias on account of improved demand of edible oil.
On the other hand, lower export demand of domestic oil meals as China has put restrictions on import of oil-meal from India after it found contamination of malachite green in rapeseed meal.
Strong gains in INR against US dollar are also in favour of the bears as edible oil imports would be cheaper and oil-meal exporters would get less return on oil meal exports.
Arrivals of Rabi oilseeds in some parts of the country are also in favour of the bears.
Soy Oil Feb NCDEX Futures Rs./qtl support:680-684 resistance:692-695
Soybean NCDEX Feb Futures Rs./qtl support:2420-2438 resistance: 2485-2500
RM Seed NCDEX Apr Futures Rs./qtl support:3235-3250 resistance:3315-3335
CPO MCX Feb Futures Rs./qtl support:510-512 resistance:518.50-520
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