Menthol oils yesterday traded weak and in the range in the initial trading session we have seen market dropped and taken support at 553 level as spot market was sluggish and trading under pressure after traders as expecting mandi tax in the spot market. February contract dropped Rs -1 and settled at Rs 559.5 a kg. The contract made intraday low of Rs 553.6 a kg and high of Rs 561.7 a kg. Now support for the menthol is seen at 554.8 and below could see a test of 550.2. Resistance is now likely to be seen at 562.9, a move above could see prices testing 566.4.

Trading Ideas:

Menthol spot is at 628 spot is flat and in the range bound.

Menthol oils yesterday traded weak and in the range in the initial trading session market dipped

Spot market is weak on lack on buying interest ahead of mandi tax

Overall further market is under pressure below 564 level for overall support level at 540 level

SELL MENTHA OIL FEB @ 564-566 SL 569.80 TGT 561.50-558.60-555.20.MCX