Soyabean yesterday we have seen that market has moved 0.33% on the back of short covering as during the past week, soybean prices have suffered due to profit booking and fresh selling on higher levels. The total arrivals of soyabean were 2.50 lakh bags at Madhya Pradesh and Maharashtra reported at 1.25 lakh bags. At the Indore spot market in top producer MP, soybean gained 27 Rs to 2211Re 100 kgs. Market has opened at 2271 & made a low of 2264 versus the day high of 2299.5. The total volume for the day was at 114170 lots and the open interest was at 200170.Support for soyabean is at 2258 below that could see a test of 2243. Resistance is now seen at 2293 above that could see a resistance of 2314.

Trading Ideas:

Soyabean trading range is 2243-2314.

Soyabean ended positive on the back of short covering

Soyabean is taking resistance at 2293 and support is seen at 2258.

NCDEX accredited warehouses soyabean stocks rose 30 tonnes to 4676 tonnes.

At the Indore spot market in top producer MP, soybean gained 27 Rs to 2211Re 100 kgs.