Oilseed complex are expected to trade sideways with negative bias on account of lower demand of oilseeds as lower export demand of domestic oil meals, 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:677-680 resistance:690-692
Soybean NCDEX Feb Futures Rs./qtl support:2415-2432 resistance:2490-2510
RM Seed NCDEX Apr Futures Rs./qtl support:3250-3270 resistance:3330-3355
CPO MCX Feb Futures Rs./qtl support:513-515 resistance:521-523
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