Mentha oil ended down after paring its partial losses of morning trade on firm cues from spot market and hopes of lower acreage under mentha although profit taking continued till end. March contract dropped Rs 1 and settled at Rs 587.3 a kg. The contract made intraday low of Rs 585.9 a kg and high of Rs 591 a kg with the volume of 892 and total open interest for the same contact was at 2315. Now support for the menthol is seen at 585.1 and below could see a test of 583. Resistance is now likely to be seen at 590.2, a move above could see prices testing 593.2.

Trading Ideas:

Menthol Oil trading range is 583-593.

Mentha oil spot is at 653/-.Spot is down by Rs 2/-.

Resistance for Mentha oil is at 590.20.

Support for mentha oil is at 585.10

Mentha oil ended down on profit booking after paring its partial losses

SELL MENTHOL MAR @ 587-589 SL 592.50 TGT585.80-582-580.40.MCX