Soya Oil Oct Fut has resistance at Rs 661: Emkay

Emkay Commodity Resarch has come out with its report on NCDEX Soybean, Rape Seed, Soya Oil, Cotton Seed, Chana, Wheat, Jeera, and Turmeric. According to the research firm, NCDEX Soya Oil Oct, futures prices corrected significantly to close at Rs 663.2 levels. Resistance is seen at Rs 661 levels breach of this level then it can test Rs 669 levels.

NCDEX Soybean Nov, Futures prices surged by 35.5 rupees to close at Rs 3203 levels. First resistance is at Rs 3238 level and next one is at Rs 3274 levels. Support is witnessed at Rs 3168 violation of this could correct to next support of Rs 3134 levels. Volumes declined from previous days of 12144 to 8540MT. NCDEX Rape Seeds Oct, Futures price made minor upside movement of 25 rupees to close at Rs 3879 levels. Entry missed but prices are trading at same levels. Market is trading along the negative channel. Resistance is seen at Rs 3925 levels breach of this level then it can test Rs 3971 levels. Support is witnessed at Rs 3821 violation of this could correct to next support of Rs 3763 levels. NCDEX Soya Oil Oct, futures prices corrected significantly to close at Rs 663.2 levels. Now traders are advised to shift to Nov’12 contract. Resistance is seen at Rs 661 levels breach of this level then it can test Rs 669 levels. Prices may retrace on profit taking to Rs 645 levels. Volumes declined from previous days of 15137 to 9949MT, Open interest inclined from previous day's of 81370 to92900.  NCDEX Cotton Seed Oil Cake Dec, futures prices moved up by 13 to close at Rs 1328 levels. Resistance is seen at Rs 1343 levels breach of this level then it can test Rs 1372 levels. Support is at Rs 1295 levels and next support is at Rs 1276 levels. Volumes declined from previous days of 3937 to 3392MT. NCDEX Wheat Oct, futures price made minor upside movement of 8 rupees to close at Rs 1466 levels. Resistance is seen at Rs 1472 levels breach of this level then it can test Rs 1476 levels. Support is witnessed at Rs 1461 violation of this could correct to next support of Rs 1456 levels. Spread between Oct’12 and Nov’12 is 16 rupees. This difference may go upto 38 rupee in next one to two weeks. NCDEX Chana Nov, futures prices tumbled by -44 rupees to close at Rs 4213 levels. Prices have closed exactly below the key resistance of Rs 4272 levels. Support is at Rs 4168 breach of this level, then it could correct to Rs 4123 levels. NCDEX Jeera Nov, futures prices remained unchanged and finally settled at Rs 13862.5 levels. Resistance is at Rs 14091 level violation of this it could extend to Rs 14323 levels. Support is at Rs 13726 breach of this level, then it could correct to Rs 13593 levels. Open interest increased to 14331 from previous day's of 13743. NCDEX Chilli Nov, futures prices marginally corrected to close at Rs 5238 levels. Prices are able to take horizontal support. Resistance is seen at Rs 5300 levels breach of this level then it can test Rs 5362 levels. Support is at Rs 5186 levels and next support is at Rs 5134 levels. NCDEX Turmeric Oct, futures prices moved up by 16 rupees to close at Rs 5654 levels. Entry was not initiated but prices are trading at same level as that of previous day. First resistance is at Rs 5698 level and next one is at Rs 5743 levels. Support is witnessed at Rs 5608 violation of this could correct to next support of Rs 5563 levels. 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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