December contract dropped Rs 14.6 and settled at Rs 576.8 a kg. The contract made intraday low of Rs 574.5 a kg and high of Rs 594.2 a kg.
Now support for the menthol is seen at 569.40 and below could see a test of 562.10. Resistance is now likely to be seen at 589.10, a move above could see prices testing 601.50.
Trading Ideas:
MENTHOL TRADING RANGE IS 566-588.
MENTHOL SPOT IS AT 601/-. SPOT IS DOWN BY RS 8/-.
SELL MENTHOL NOV BELOW 568 SL 572 TGT 565-562.50-560.
BUY MENTHOL DEC ON DIP AT 570-572 SL 567.20 TGT 575.80-579.20-583.50.
NOW RES IS AT 579.80 ABV THIS NEXT RES IS AT 583.20-586.40.
MARKET WILL BE VOLATILE DO TRADE AS PER MOVE
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