Mentha oil January contract dropped Rs 25.2 and settled at Rs 1161.5 a kg due to selling pressure. Higher arrivals and weak trend at the spot market on subdued demand are restricted the gains. The contract made intraday low of Rs 1160 a kg and high of Rs 1184 a kg with the volume of 5271 and total open interest for the same contact was at 5064.Now support for the menthol is seen at 1153 and below could see a test of 1144.5. Resistance is now likely to be seen at 1177, a move above could see prices testing 1192.5.

Trading Ideas:

Mentha Oil trading range is 1145-1193.

Mentha oil spot is at 1260/-.Spot is down by Rs.10/-.

Mentha oil ended down as expected due to selling pressure

Mentha oil looks to take support at 1153 level

Resistance for the mentha oil is seen at 1177.

SELL MENTHOL FEB  BELOW 1156 SL 1165 TGT 1150-1145.50-1142.MCX