Soybean yesterday dropped on profit-taking. Soybean arrivals have dropped significantly in Madhya Pradesh and Maharashtra, but demand is still weak. In the spot market in Indore, in the state of Madhya Pradesh, a top producer, soybean prices edged 3 rupees higher to 2,029 rupees. Soyabean yesterday we have seen that market has moved -1.02%. Market has opened at 2059 & made a low of 2031 versus the day high of 2073. The total volume for the day was at 56060 lots and the open interest was at 95050.Support for soyabean is at 2022 below that could see a test of 2005. Resistance is now seen at 2064 above that could see a resistance of 2089.

Trading Ideas:

Soyabean trading range is 2005-2089.

Soybean yesterday ended down on profit booking

Resistance for the soyabean is at 2064 and support is at 2022.

Yesterday we have seen that open interest fell by 2540 and volume rose by 31770 lots.

In Indore spot prices gained 3 rupees lower to 2,029 rupees per 100 kg

SELL SOYABEAN APR @ 2040-2050 SL 2075 TGT 2026-2010-1998.NCDEX