Soyabean yesterday we have seen that market has moved 1.02% on short-covering after the recent decline in prices triggered by higher overseas market. The total arrivals of soyabean were 0.40 lakh bags at Madhya Pradesh and Maharashtra reported at 0.50 lakh bags. At the Indore spot market in top producer MP, soybean gained 12 Rs to 2401Re 100 kgs. Market has opened at 2446 & made a low of 2442 versus the day high of 2471.5. The total volume for the day was at 117160 lots and the open interest was at 210070.Support for soyabean is at 2450 below that could see a test of 2431. Resistance is now seen at 2480 above that could see a resistance of 2490.

Trading Ideas:

Soyabean trading range is 2431-2490.

Soyabean jumped on short-covering after the recent decline in prices

Soyabean is taking resistance at 2480 and support is seen at 2450.

NCDEX accredited warehouses soyabean stocks rose 312 tonnes to 926 tonnes.

At the Indore spot market in top producer MP, soybean gained 12 Rs to 2401Re 100 kgs.