Menthol February contract bounced Rs 3.4 and settled at Rs 574.3 a kg taking support at 568 level technically. The contract made intraday low of Rs 569 a kg and high of Rs 576.7 a kg with the volume of 994 and total open interest for the same contact was at 3660. No major updates and signs are coming from spot market also sue to lack of participation from the local people. Now support for the menthol is seen at 570 and below could see a test of 565.6. Resistance is now likely to be seen at 577.7, a move above could see prices testing 581.

Trading Ideas:

Menthol Oil trading range is 575.1-580.

Menthol spot is at 645/-. Spot is up by Rs.5/-.

Market is trading in the sideway better to wait for a fresh direction.

Menthol support is at 568 levels and resistance is likely to be seen at 578 levels.

Overall menthol look weak in coming session for support at 556 level.

SELL MENTHOL MAR @ 586 SL 589.60 TGT 580-576.20-572.80-567.MCX