Wheat yesterday traded with the negative node and settled -0.09% down at 1166.6 tracking weakness in spot market. Wheat crop having begun arriving in states like Gujarat and expectations of a bumper crop through the country. Harvesting of the crop has commenced in central and eastern India. Punjab and Haryana should start harvesting by April 10. In Delhi wheat prices dropped -9.45 rupee to end at 1278.75 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1163 after opening at 1168, and finally settled at 1166.6. For today's session market is looking to take support at 1163.1, a break below could see a test of 1159.7 and where as resistance is now likely to be seen at 1169.9, a move above could see prices testing 1173.3.

Trading Ideas:

Wheat trading range is 1159.7-1173.3.

Wheat yesterday traded with the negative node tracking weakness in spot market

Wheat is having resistance at 1174 and support at 1158 level.

NCDEX accredited warehouses wheat stocks rose by 1036 tonnes to 2831 tonnes.

In Delhi wheat prices dropped -9.45 rupee to end at 1278.75 rupees per 10 kg.