Soyabean closed up on short covering on Saturday. Although demand situation still looking bearish. Fresh purchases were not seen in the physical markets as retail off-take remained poor. Buyers were not keen to accumulate stocks as they expect further fall in prices.  Soyabean yesterday we have seen that market has moved 0.34%. Market has opened at 2173 & made a low of 2172.5 versus the day high of 2191. The total volume for the day was at 41840 lots and the open interest was at 284580.Support for soyabean is at 2174 below that could see a test of 2164. Resistance is now seen at 2192.5 above that could see a resistance of 2201.

Trading Ideas:

Soyabean trading range 2130-2230

Soyabean closed up on short covering on Saturday

Resistance for the soyabean is at 2193 and support is at 2172 level

Global soybean production may reach a record 253.4 million tons

In Indore spot prices dropped by 6 rupees by to 2135 rupees per 100 kg.

SELL SOYABEAN FEB @ 2210 SL 2224 TGT 2188-2170-2154.NCDEX