Wheat yesterday traded with the positive node and settled 0.55% up at 1318.80. Despite estimating drop in the overall wheat area, acreage under the winter crop is set to cross the targeted area in Punjab and Haryana in the ongoing in the ongoing Rabi sowing season 2010-11. Till now, 34.65 lakh hectares and 23.48 lakh hectares have come under wheat in Punjab and Haryana respectively. In Delhi wheat prices dropped -0.2 rupee to end at 1310.85 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1312 after opening at 1312, and finally settled at 1318. For today's session market is looking to take support at 1312.3, a break below could see a test of 1306.7 and where as resistance is now likely to be seen at 1323.3, a move above could see prices testing 1328.7.

Trading Ideas:

Wheat trading range is 1306.9-1328.9.

Wheat yesterday traded with the positive node and settled 0.49%

Wheat is having resistance at 1323.3 and support at 1312.3 level.

Till now, 34.65 lakh hectares have come under wheat in Punjab

In Delhi wheat prices gained0.1 rupee to end at 1311.15 rupees per 10 kg.