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Tuesday, February 13, 2007
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Feb 1 2007 10:33AM
1st Feb 2007 Pulses Report
CHANA
FUNDAMENTALS
Chana eased at most of the centres as fresh arrivals started in the largest Chana producing state, Madhya Pradesh. The market was overheated, as arrivals in other states were not enough to exert pressure on prices. Indore saw nearly 800 bags of fresh Kantewala Chana. Further, Maharashtra also witnessed around 60000 bags of Chana. Consequently, the prices started easing as expected with the progress of harvest. Against this backdrop, prices remained firm in Delhi market as it is still waiting for fresh Chana. The prices are expected to ease across the board to more justified levels in the coming days with the progress of harvest.
TUG-OF-WAR: Bulls vs. Bears
No.
Pressure Point
Favours
1.
Production this year expected at 55 lt by industry experts on higher acreage.
Bears
2.
Higher quotes by exporters
Bulls
3.
Harvesting has not gathered momentum
Bulls
SPOT MARKET PRICES: (Rs/qtl)
Grade
Centre
31.01.07
30.01.07
Change
Rajasthan Desi
Delhi
2825
2800
+25
Kantewala
Indore
2575
2650
-75
Gauran
Akola
2475
Closed
-
TECHNICALS
Chana charts are showing hesitation at higher levels as depicted by long upper shadow of candlestick. The prices remain above the EMAs, showing that the uptrend is intact. MACD and Stochastic, both favor the bulls. Prices are likely to see some more correction.
WEATHER
Weather for Chana is expected to be clear in Western and Central region, which is congenial for maturing and pod forming.
TRADE RECOMMENDATION
Contract
Call
Entry
T1
T2
SL
S2
S1
PCP
R1
R2
NCDEX-Mar
Sell
< 2250
2200
2180
2221
2245
2280
2221
2269
2296
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