Mentha Oil has support around Rs 1307: Fortune Financial

Fortune Financial has come out with its report on mentha oil. According to research firm Mentha Oil has support around Rs 1307.

Fundamentals:
Mentha Oil closed lower on Saturday following spot market where arrivals have improved and expected to remain negative for short term. Arrivals of mentha oil at the Sambhal wholesale market in Uttar Pradesh are seen at 200 drums (1 drum = 180 kg) so far today, unchanged from Monday. Mentha oil quoted 1,485-1495 rupees per kg in Chandasui from 1500-1510 from previous day/. Firm demand by local buyers and stockists are supporting mentha oil prices. Market expects prices to rise further in the coming days as they see demand by stockists and exporters to pick up.

Technicals:
Mentha Oil future contract on MCX are looking negative for intraday. Market may find support near 1307, 1295 and 1276. Intraday resistance can be seen near 1339, 1358 and 1371. Short term trend is looking bearish Market may find major levels near 10 SMA of 1365 and 50 Days SMA of 1343.

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