Soybean ended higher yesterday supported by lower output estimate of summer-sown oilseed due to poor monsoon rains and revival in domestic and export demand of soymeal.
A likely rise in arrivals in physical market and weakness in overseas markets kept the downside limited. Soyabean yesterday we have seen that market has moved 0.94%.
Market has opened at 2248 & made a low of 2248 versus the day high of 2296. The total volume for the day was at 73590 lots and the open interest was at 106010.Support for soyabean is at 2237 below that could see a test of 2219. Resistance is now seen at 2285 above that could see a resistance of 2315.
Trading Ideas:
SOYABEAN TRADING RANGE IS 2210-2310.
SOYBEAN ENDED HIGHER DUE TO LOWER OUTPUT ESTIMATE OF SUMMER-SOWN OILSEED
BUY SOYABEAN NOV ABV 2260 SL 2238 TGT 2278-2290-2312.
SOYBEAN IS TAKING RES OF 2270 ABV THIS NEXT RES IS AT 2285-2205 LVL.
A BREAK BELOW 2237 WILL FIND THE SUPPORT AT 2219-2200 LEVEL.
IN INDORE SPOT PRICES ROSE BY 107 RUPEES TO 2159 RUPEES PER 100 KG.
Courtesy: Kedia Commodities Explore Commodity Online Mobile Services
