Wheat yesterday traded with the positive node and settled 0.32% up at 1323 as higher government support prices and some state exports to Bangladesh are seen supporting prices at lower levels. Upside is very limited because stocks are more than sufficient. In Delhi wheat prices gained 0.35 rupee to end at 1311.5 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1315 after opening at 1323.6, and finally settled at 1323. For today's session market is looking to take support at 1316.7, a break below could see a test of 1310.3 and where as resistance is now likely to be seen at 1327.7, a move above could see prices testing 1332.3.

Trading Ideas:

Wheat trading range is 1310.4-1332.4.

Wheat ended positive as higher government support prices

Wheat is having resistance at 1327.70 and support at 1316.70 level.

NCDEX accredited warehouses wheat stocks fell 200 tonnes to 4127 tonnes.

In Delhi wheat prices gained0.35 rupee to end at 1311.5 rupees per 10 kg.