Wheat yesterday traded with the negative node and settled -0.69% down at 1214 witnessing some selling at higher levels on the back steady arrivals in major mandies. Agriculture minister Sharad Pawar says he has not heard of wheat prices falling below the Minimum Support Price of Rs. 1,750 per quintal even as the Committee for Agricultural Costs and Prices chairman Ashok Gulati says distress sale of wheat at as low as 1,000 rs is taking place in parts of Gujarat, Bihar and eastern UP. In Delhi wheat prices dropped -1.25 rupee to end at 1193.75 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1207.2 after opening at 1219, and finally settled at 1214. For today's session market is looking to take support at 1205.5, a break below could see a test of 1196.9 and where as resistance is now likely to be seen at 1224.3, a move above could see prices testing 1234.5.

Trading Ideas:

Wheat trading range is 1196.9-1234.5.

Wheat ended weak witnessing some selling at higher levels on the back steady arrivals

Wheat is having resistance at 1224.30 and support at 1205.50 level.

NCDEX accredited warehouses wheat stocks rose by 150 tonnes to 6207 tonnes.

In Delhi wheat prices dropped -1.25 rupee to end at 1193.75 rupees per 10 kg.