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Feb 18, 2013, 01.33 PM IST | Source: Moneycontrol.com

NCDEX Soybean Fut has resistance at Rs 3266: Fortune Fin

Fortune Financial Services has come out with its report on Soybean and Soy Oil. According to the research firm NCDEX Soybean future contract is expected to remain positive on chart, traders are advised to buy and intraday resistance is seen near Rs 3238-3255-3266. Intraday support is seen near 3210-3199-3182.

Fortune Financial Services has come out with its report on Soybean and Soy Oil. According to the research firm NCDEX Soybean future contract is expected to remain positive on chart, traders are advised to buy and intraday resistance is seen near Rs 3238-3255-3266. Intraday support is seen near 3210-3199-3182.

Soybean futures on NCDEX were up tracking the overnight rise in benchmark soy contracts on CBOT. On CBOT, soy futures gained Friday on technical buying after the recent fall in prices and due to concerns over tight US supplies.  Soybean futures also rose on speculative buying by investors who do not see the possibility of being marked for delivery in February contract due to negligible stocks at NCDEX warehouses and higher spot prices.  The most-active March soybean was at 3,225 rupees per 100 kg, up 0.1% from previous close on Saturday, while February contract was up 0.5% at 3,342 rupees. 

On Friday, Soyoil futures contracts ignored early global weakness and ended up on the National Commodity and Derivatives Exchange due to short covering on weak rupee against the dollar, and expectation of a rebound in benchmark soy contracts on the Chicago Board of Trade.  The combined open interest in January and February contracts fell over 8,500 tn today in noon trade. The rupee, which has an inverse correlation with edible oil prices, ended at 54.22 per dollar, down 0.56% from Thursday's close.

Domestic prices could have factored in a likely relief rally in soy futures on CBOT after five straight sessions of subdued movement. The Indore market remained closed due to an indefinite strike by labourers since Wednesday. Soybean auction in Ujjain was conducted at 3,175-3,250 rupees per 100 kg, up 10-20 rupees from Thursday, while plant-delivery soybean traded at 3,275-3,325 rupees per 100 kg, up 10-15 rupees.

Arrivals in Madhya Pradesh were 75,000-80,000 bags of 100 kg each, while the same in Maharashtra and Rajasthan were also steady at around 50,000 bags and 16,000 bags, respectively. Soybean futures also rose on speculative buying by investors who do not see the possibility of being marked for delivery in February contract due to negligible stocks at NCDEX warehouses and higher spot prices.

NCDEX Soy Oil future contract is expected to remain positive on chart, traders are advised to buy and intraday resistance is seen near 710.97, 715.68 & 718.47. Intraday support is seen near 703.47 700.68 & 695.97

NCDEX Soy bean future contract is expected to remain positive on chart, traders are advised to buy and intraday resistance is seen near 3238.00-3255.00-3266.00 . Intraday support is seen near 3210.00-3199.00-3182.00.

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