Soyabean yesterday we have seen that market has moved -0.68% on profit-taking driven by weakness in global markets, though good demand at local spot markets is seen limited the downside.

The total arrivals of soyabean were 1.25-1.30 lakh bags at Madhya Pradesh and Maharashtra were reported at 0.80-1lakh bags. At the Indore spot market in top producer MP, soybean gained 9 Rs to 2411Re 100 kgs. Market has opened at 2500 & made a low of 2483 versus the day high of 2506. The total volume for the day was at 86170 lots and the open interest was at 195240. Support for soyabean is at 2477 below that could see a test of 2468. Resistance is now seen at 2500 above that could see a resistance of 2514.

Trading Ideas:

Soyabean trading range is 2469-2515.

Soyabean ended weak on profit-taking driven by weakness in global markets.

Soyabean is taking resistance at 2500 and support is seen at 2477.

NCDEX accredited warehouses soyabean stocks fell 2539 tonnes to 8648 tonnes.

At the Indore spot market in top producer MP, soybean gained 1 Rs to 2403Re 100 kgs.

BUY SOYABEAN FEB @ 2470-2475 SL 2448 TGT 2490-2510.NCDEX