Soyabean yesterday we have seen that market has moved -0.51% due to some selling pressure tracking the global markets where the prices too fall on profit booking. On the domestic front the commodity was trading in an overbought zone for last couple of days. At the Indore spot market in top producer MP, soybean dropped -29 Rs to 2184Re 100 kgs. Market has opened at 2260.5 & made a low of 2246 versus the day high of 2271. The total volume for the day was at 76590 lots and the open interest was at 194820.Support for soyabean is at 2246 below that could see a test of 2233. Resistance is now seen at 2271 above that could see a resistance of 2283.

Trading Ideas:

Soyabean trading range is 2233-2283.

Soyabean ended weak due to some selling pressure tracking global markets

Soyabean is taking resistance at 2272 and support is seen at 2246.

NCDEX accredited warehouses soyabean stocks rose 189 tonnes to 4646 tonnes.

At the Indore spot market in top producer MP, soybean dropped -29 Rs to 2184Re 100 kgs.