Wheat yesterday traded with the positive node and settled 0.03% up at 1180.6. According to the latest data complied by government , the Food Corporation of India and other state agencies have bought 26.19 million tonnes of wheat so far in the current year , which is well above the previous record procurement of 25.38 million tonnes achieved in the 2009-10 marketing season. In Delhi wheat prices gained 0.65 rupee to end at 1190.25 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1174 after opening at 1176.2, and finally settled at 1180.6. For today's session market is looking to take support at 1176.1, a break below could see a test of 1171.5 and where as resistance is now likely to be seen at 1183.1, a move above could see prices testing 1185.5.

Trading Ideas:

Wheat trading range is 1171.5-1185.5.

Food Corporation of India and other state agencies have bought 26.19mt  of wheat so far in current year

Wheat is having resistance at 1183.10 and support at 1176.10 level.

NCDEX accredited warehouses wheat stocks rose by 995 tonnes to 13134 tonnes.

In Delhi wheat prices gained0.65 rupee to end at 1190.25 rupees per 10 kg.