Ref Soyaoil yesterday traded with the positive node and settled 1.45% up at 586.1 due to healthy demand in spot markets, a decline in edible oil imports in November and sentiment boost from a rally in palm oil. At the Indore spot market soyoil edged up by 2.2 rupee to 577.8 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 581 after opening at 581, and finally settled at 586.1. For today's session market is looking to take support at 582.4, a break below could see a test of 578.6 and where as resistance is now likely to be seen at 588.5, a move above could see prices testing 590.8.

Trading Ideas:

Ref soyaoil trading range is 578.7-590.9.

Ref Soyaoil ended higher due to healthy demand in spot markets

Support for ref soya oil is seen at 582.40 level

Ref Soy oil looks to have a resistance at 588.50 level.

At the Indore spot market soyoil edged up  by 2.2 rupee to 577.8 rupees 10 kgs.