Soyabean yesterday we have seen that market has moved 0.48% on follow through buying from investors. Though Argentina had received intermittent rainfall last week-end, the ongoing port workers strike had a strong support to the market. The total arrivals of soyabean were 1-1.45 lakh bags at Madhya Pradesh and Maharashtra were reported at 1 lakh bags. At the Indore spot market in top producer MP, soybean gained 21 Rs to 2458Re 100 kgs. Market has opened at 2480 & made a low of 2473 versus the day high of 2496.5. The total volume for the day was at 47420 lots and the open interest was at 152280. Support for soyabean is at 2474 below that could see a test of 2462. Resistance is now seen at 2498 above that could see a resistance of 2509.

Trading Ideas:

Soyabean trading range is 2462-2509.

Soyabean gained on follow through buying from investors.

Soyabean is taking resistance at 2498 and support is seen at 2474.

NCDEX accredited warehouses soyabean stocks fell by 922 tonnes to 6369 tonnes.

At the Indore spot market in top producer MP, soybean gained 21 Rs to 2458Re 100 kgs.

BUY SOYABEAN FEB @ 2490-2492 SL 2468 TGT 2518-2434.NCDEX (BTST)