Monday, 30 September 2013

Domestic Market Update on Soyabean Crop

The soybean complex has remained in a tight trading range over a week. The active month November soybean contract have been in a range of Rs 3500 -3420 a quintal. Arrival pressure has not been felt by the markets yet due to weather anomalies and this is holding on to the prices. Once the arrivals begin in full swing we expect soybean prices to witness a sharp downside in prices. On the flipside, the weakening home currency against the dollar will support the sentiments of a bull. What we require is a forceful trigger to over play other factors and drive prices out of the trading range. We expect arrivals to rise from this week which should keep the prices under pressure. For the day traders should sell soybean November contract on rallies to Rs 3500per quintal with a stop loss of Rs 3550 for a target of Rs 3350.

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