Soybean rose for third day bolstered by a sharp rise in overseas markets and improvement in spot demand amid lower arrivals. The contract shed 14 percent in January, when weak meal exports put pressure on the commodity. At Indore spot market soybean prices climbed by 37 rupees to 2,099 rupees per 100 kg. Soyabean yesterday we have seen that market has moved 2.39%. Market has opened at 2100.5 & made a low of 2100.5 versus the day high of 2141. The total volume for the day was at 103720 lots and the open interest was at 194380.Support for soyabean is at 2112 below that could see a test of 2086. Resistance is now seen at 2153 above that could see a resistance of 2167.

Trading Ideas:

Soyabean trading range 2100-2180

Soybean rose bolstered by a sharp rise in overseas markets and improvement in spot demand

Resistance for the soyabean is at 2153 and support is at 2112 level

In Indore spot prices of soyabean gained by 37 rupees to 2,099 rupees per 100 kg

Yesterday we have seen that open interest has fell by 24650 lots.

BUY SOYABEAN FEB @ 2115 SL 2090 TGT 2128-2156-2170.NCDEX