Wheat yesterday traded with the negative node and settled -0.22% down at 1153 on fresh arrivals of new crop in the major producing states. The major producing states of wheat such as Madhya Pradesh and Gujarat have reported the fresh arrivals of 50000-65000 bags daily while the spot prices of wheat in major mandies of Madhya Pradesh such as Ratlam and Bhopal were trading in the range of Rs 1200 and Rs 1275 per quintal respectively. Moreover, weak demand of stockiest ahead of fresh arrivals from Haryana and Punjab might also resist the prices at higher levels. In Delhi wheat prices dropped -0.2 rupee to end at 1201.8 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1150.2 after opening at 1152.6, and finally settled at 1153. For today's session market is looking to take support at 1150.1, a break below could see a test of 1147.3 and where as resistance is now likely to be seen at 1155.9, a move above could see prices testing 1158.9.

Trading Ideas:

Wheat trading range is 1147.5-1159.1.

Wheat ended weak on fresh arrivals of new crop in the major producing states

Wheat is having resistance at 1155.90 and support at 1150.10 level.

The major producing states of wheat have reported the fresh arrivals of 50000-65000 bags daily

In Delhi wheat prices dropped -0.2 rupee to end at 1201.8 rupees per 10 kg.