NCDEX Soybean Dec Fut may test Rs 3389: Emkay

Emkay Commodity Research has come out with its report on Soybean. The research firm says NCDEX Soybean Dec '12, prices moved up by 18.5 rupees and finally settled at Rs 3342 levels. Resistance is at Rs 3365 level, violation of this level then price could extend to Rs 3389 levels, support is at Rs 3317 level.

Soybean fundamental snapshot:
Firm bias continued in domestic soybean markets in today’s trade session as a result of declined arrivals which made increased buying from buyers. At Indore market soybean prices were moved up by Rs 9 per quintal to Rs 3342 per quintal. In Kota market, soybean prices were moved up by Rs 26 per quintal to Rs 3423 per quintal. Soybean in Nagpur market was traded with firm bias at Rs 3344 per quintal, up by Rs 41 per quintal. Soybean prices at CBOT futures market shown firm bias and settled higher by 12.50 cents/bushel to 1516.75 cents/bushel on 6th Oct’12. Technical outlook:
NCDEX Soybean Dec '12, prices moved up by 18.5 rupees and finally settled at Rs 3342 levels. Resistance is at Rs 3365 level, violation of this level then price could extend to Rs 3389 levels. Support is at Rs 3317 level breach of this level, then the price could correct to Rs 3293 levels. Volumes have moved up from previous day's of 157320 to 161830MT ,Open interest incresed to 152140 from previous day's of 144490 RSI is indicating prices to trade higher. Warehouse stocks as on yesterday in Akola is 2884 MT, increased by 600 MT . In Indore stocks are at 2826 MT, increased by 361 MT .In Itarsi stock is at 179 MT, increased by 30 MT. In Kota stock is at 16273 MT, increased by 417 MT . In Nagpur is 1302 MT, increased by 242 MT. In Sagar is 1870 MT, remained unchanged . In Vidisha is 417MT, remained unchanged. Spread has declined to 36 between Soybean Dec '12 and Soybean Jan '12. Prices to appreciate. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. To read the full report click on the attachment

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