Wheat yesterday traded with the positive node and settled 0.87% up at 1187 on fresh buying by stockists.
Wheat arrival in Haryana has picked up, as over 3.32 lakh tonnes of the crop arrived in various mandis of the state.
Indian farmers are expected to harvest a record wheat crop in 2011, higher than last year's 80.8 million tonnes, helped by good weather conditions and raising the chance of exports. In Delhi wheat prices gained 12 rupee to end at 1175 rupees per 10 kg.
In yesterday's trading session Wheat has touched the low of 1178.6 after opening at 1178.6, and finally settled at 1187.
For today's session market is looking to take support at 1179.4, a break below could see a test of 1171.8 and where as resistance is now likely to be seen at 1193.8, a move above could see prices testing 1200.6.
Trading Ideas:
Wheat trading range is 1172.7-1201.5.
Wheat yesterday traded with the positive node on fresh buying by stockists
Wheat is having resistance at 1193.80 and support at 1179.40 level.
NCDEX accredited warehouses wheat stocks gained by 20 tonnes to 2841tonnes.
In Delhi wheat prices gained12 rupee to end at 1175 rupees per 10 kg.
