Soybean settled with modest gain on Saturday supported by hopes of domestic and export demand for soymeal. Technically inspired buying appeared as key feature of the market right now.
The arrivals of soybean in major markets across the country again surged higher as it registered around 10 lakh bags compared to 7 lakh bags of last session. Soyabean yesterday we have seen that market has moved 1.18%.
Market has opened at 2191 & made a low of 2190 versus the day high of 2235. The total volume for the day was at 43770 lots and the open interest was at 118670.Support for soyabean is at 2205 below that could see a test of 2175. Resistance is now seen at 2250 above that could see a resistance of 2265.
Trading Ideas:
SOYABEAN TRADING RANGE IS 2175-2275.
SOYBEAN SETTLED HIGHER SUPPORTED BY DOMESTIC AND EXPORT DEMAND
BUY SOYABEAN ABV 2240 SL 2212 TGT 2256-2272-2290.
SOYBEAN IS TAKING RES OF 2250 ABV THIS NEXT RES IS AT 2265-2280 LVL.
A BREAK BELOW 2215 WILL FIND THE SUPPORT AT 2200-2175 LEVEL.
IN INDORE SPOT PRICES FELL BY 16 RUPEES TO 2152 RUPEES PER 100 KG.
Courtesy: Kedia Commodities
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