Mentha oil witnessed a sharp fall yesterday on heavy profit booking. On April 26th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 645,172 kg of which 610,636 kg is physical stock and 34,535 is the demat stock. May contract dropped Rs 30.1 and settled at Rs 723.3 a kg. The contract made intraday low of Rs 723.3 a kg and high of Rs 774.9 a kg with the volume of 6463 and total open interest for the same contact was at 3878.Now support for the menthol is seen at 706.1 and below could see a test of 688.9. Resistance is now likely to be seen at 757.7, a move above could see prices testing 792.1.

Trading Ideas:

Menthol Oil trading range is 688.9-792.

Mentha oil spot is at 580/-.Spot is down by Rs.50/-.

Resistance for the mentha oil is at 727.80

Support for mentha oil is at 718.20

Mentha oil witnessed a sharp fall yesterday on heavy profit booking

SELL MENTHOL MAY BELOW 718 SL 726 TGT 712-705.MCX