Last week we have seen highly volatile market in pulses, spices and soya complex due to storngly recoveringwith irregulate profit booking.As reports of droughts and low water level in reservoirs from North-West, Central and Southern India kept price uside. Uncertainty over the Monsoon this year are supporting the prices.
As per data from Ministry of Commerce, pulses was imported in Jan 2016 which was double in Jan 2015.
We have done Pattern analysis of head and Shoulder and facing strong resistance on weekly chart. We may see prices having throwback from neckline level(8600).
Global market prices were seen in uptrend from past few days , also strength in soya oil and latest news of water reservoirs showing lesser amount of water levels,
Happy Trading!!!!!!!
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