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Mustardseed yesterday traded with the negative node and settled -1.22% down at 2683 on higher arrivals in domestic spot markets. Rapeseed arrivals have risen sharply and the crushing has also gained momentum. The total arrivals of mustard seed increased by 10000bags from the previous day to 7.40 lakh bags in major mandies.
In the Sriganganagar spot market in Rajasthan the price edged down by -22.5 rupee to 2495 rupees per 20 kgs. In yesterday’s trading session Mustardseed has touched the low of 2682 after opening at 2711, and finally settled at 2683. For today’s session market is looking to take support at 2671.3, a break below could see a test of 2659.7 and where as resistance is now likely to be seen at 2705.3, a move above could see prices testing 2727.7.
Trading Ideas:
Mustard Seed trading range is 2660.3-2728.3.
Mustardseed yesterday traded with the negative node on higher arrivals in domestic spot markets
Mustardseed looks to take support at 2671 and resistance at 2705.
NCDEX accredited warehouses mustard seed stocks rose by 9036 tonnes to 36023 tonnes.
In the Sriganganagar spot market in Rajasthan the price edged down by -22.5 rupee to 2495 rupees per 20 kgs.
Wheat yesterday traded with the positive node and settled 0.92% up at 1200.8 on increased buying activities. In Rajasthan, government procurement has started while; in Madhya Pradesh it is gaining pace.
Wheat procurement in Punjab, a major producer, has reached just 6.05 lakh tonne which is 90 per cent down compared to the corresponding period of last season. Government agencies and private millers procured 6.05 lakh tonnes so far in the ongoing rabi marketing season compared with 55.77 lakh tonnes during the same period last year. In yesterday’s trading session Wheat has touched the low of 1187 after opening at 1191.8, and finally settled at 1200.8.
For today’s session market is looking to take support at 1190.5, a break below could see a test of 1180.3 and where as resistance is now likely to be seen at 1207.5, a move above could see prices testing 1214.3.
Trading Ideas:
Wheat trading range is 1179.9-1213.9.
Wheat yesterday traded with the positive node on increased buying activities
Wheat is having resistance at 1207.50 and support at 1190.50 level.
NCDEX accredited warehouses wheat stocks gained by 20 tonnes to 2841tonnes.
In Delhi wheat prices gained9 rupee to end at 1184 rupees per 10 kg.
Ref Soyaoil yesterday traded with the negative node and settled -0.64% down at 609.5 due to sluggish demand. Meanwhile, the Solvent Extractors’ Association of India has reported that import of Edible Oils in the country decreased due to higher production of oilseeds during kharif season and expected better oilseed crop in Rabi. At the Indore spot market soyoil edged down by -1.95 rupee to 606.35 rupees 10 kgs. In yesterday’s trading session Ref Soyaoil has touched the low of 608.9 after opening at 613.3, and finally settled at 609.5. For today’s session market is looking to take support at 607.1, a break below could see a test of 604.7 and where as resistance is now likely to be seen at 613.7, a move above could see prices testing 617.9.
Trading Ideas:
Ref soyaoil trading range is 604.7-617.9.
Ref Soyaoil yesterday traded with the negative node due to sluggish demand
Ref Soya oil looks to take support at 607.10 level
Ref Soya oil having resistance at 613.70 level
At the Indore spot market soyoil edged down by -1.95 rupee to 606.35 rupees 10 kgs.
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