India, Jan. 15 -- Technically Ref. Soya Oil market is under long liquidation as market has witnessed drop in open interest by 1.71% to settled at 34780 while prices down 14.2 rupees.
Now NCDEX Ref. Soya Oil is getting support at 1115 and below same could see a test of 1098 levels and resistance is now likely to be seen at 1146 a move above could see prices testing 1160.
Ref.Soyaoil yesterday settled down by 1.24% at 1131.5 as the sowing of oilseed crops has increased to 81.80 lakh hectares in the current Rabi whereas till this time last year it was sown only in 77.79 lakh hectares.
Pressure also seen tracking weakness in soyabean prices as the outbreak of bird flu may reduce the demand for soybean from the poultry industry.
The outbreak...