Ref Soyaoil yesterday traded with the negative node and settled -0.48% down at 654.5 as prices saw some selling pressure and continues down trend as well. In domestic markets bulk demand for the edible oil is gradually decreasing which is having negative impact on prices. Traders expects that from last week of the September fresh soybean crop would start arriving which will put some pressure on the soy oil prices as well. Thus market will keep on witnessing selling pressure on higher levels. However on going festive season demand would not allow market to witness any sharp fall.  At the Indore spot market soyoil edged down by -4.45 rupee to 657.35 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 651.6 after opening at 656.45, and finally settled at 654.5. For today's session market is looking to take support at 651.6, a break below could see a test of 648.6 and where as resistance is now likely to be seen at 657.5, a move above could see prices testing 660.4.

Trading Ideas:

Ref soyaoil trading range is 648.6-660.4.

Ref Soyaoil yesterday traded with the negative node as prices saw  selling pressure and continues down trend

In domestic markets bulk demand for edible oil is gradually decreasing which is having negative impact

Ref soyoil looks to take support at 651.60 and resistance at 657.50.

At the Indore spot market soyoil edged down by -4.45 rupee to 657.35 rupees 10 kgs.