Soybean erased early gains to end lower on weak spot demand due to a drop in meal exports, though bargain buying driven by a firm U. S. market limited the downside. U. S. soybean futures bounced higher on Thursday after strong Chinese economic growth data rekindled hopes of continued strong imports by the world's most populous nation. Soyabean yesterday we have seen that market has moved -0.02%. Market has opened at 2120 & made a low of 2115 versus the day high of 2135. The total volume for the day was at 45820 lots and the open interest was at 199920. Support for soyabean is at 2112 below that could see a test of 2103. Resistance is now seen at 2132 above that could see a resistance of 2143.

Trading Ideas:

Soyabean trading range is 2103-2143.

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 2102 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 @ 2090-2100 SL 2068 TGT 2122-2140-2156.NCDEX