Soyabean yesterday we have seen that market has moved 1.78% tracking gains in the overseas market and stoked by a jump in oil meal exports in August that bolstered sentiment.

Demand has also been improving in local market due to festivals and good oilmeal exports.

At the Indore spot market in top producer MP, soybean gained 13 Rs to 2029Re 100 kgs. Market has opened at 2059.5 & made a low of 2059.5 versus the day high of 2092.

The total volume for the day was at 42660 lots and the open interest was at 89690.Support for soyabean is at 2068 below that could see a test of 2048.

Resistance is now seen at 2101 above that could see a resistance of 2113.

Trading Ideas:

Soyabean trading range is 2048-2113.
Soyabean settled higher tracking gains in the overseas market
Resistance for the soyabean is at 2068 and support is at 2101.
NCDEX accredited warehouses soyabean stocks rose 30 tonnes to 3140 tonnes.
At the Indore spot market in top producer MP, soybean gained 13 Rs to 2029Re 100 kgs.

Courtesy: Kedia Commodities

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