Sell NCDEX Soybean June futures; target Rs 3650: Emkay

Emkay Commodity Research has come out with its technical report on agri commodities. According to the research firm, one can sell NCDEX Soybean June futures around Rs 3750-3775 with a stop loss of Rs 3825 for price target of Rs 3650. Emkay's research report on commodities.

Soybean June futures at NCDEX ended down on profit booking after prices rose in earlier session tracking rally at CBOT. CBOT market at night ended up due to tight supply in near term and concerns over the acreage in USA. Prediction of timely arrivals of monsoon has raised the hopes of good soy crop for this Kharif season as farmers got better returns in Soybean compared to other crops. Also, there is likelihood of crop shift to Soybean in place of cotton and pulses.

Soybean future is likely to trade in range with weak bias tracking profit booking amid normal arrivals forecast for monsoon. However, strong cues from  US may limit the extent of downside.

Technical:

NCDEX Soybean June futures has broken strong support of Rs 3750 and fell sharply on Saturday. For the day sell on rallies should be the strategy for intraday.

Contract - June

Strategy - Sell

Entry - Rs 3750-3775

Target - Rs 3650

Stop loss - Rs 3825

Source : .Money Control

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