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Jan 27 2007 10:18AM
27th Jan 2007 Pulses Report
CHANA
FUNDAMENTALS
Chana is witnessing mixed sentiments these days, as new crop arrival has started gaining pace in some centres, whereas arrivals are yet to gather momentum in others. Arrivals are gathering momentum steadily in Maharashtra, Karnataka and AP, but are still not enough to impact the prices much. However, as the harvest is likely to gather momentum in February first week in Maharashtra, the prices are likely to ease by that time. Some temporary firmness in centres like Delhi cannot be ruled out.
TUG-OF-WAR: Bulls vs. Bears
No.
Pressure Point
Favours
1.
Production this year expected 55 lt by industry experts on higher acreage.
Bears
2.
Higher quotes by exporters
Bulls
3.
Harvesting gathering momentum
Bears
SPOT MARKET PRICES: (Rs/qtl)
Grade
Centre
25.01.07
24.01.07
Change
Rajasthan Desi
Delhi
2625
2600
+25
Kantewala
Indore
2600-2650
2550
+50
Gauran
Akola
2450
2450
-
TECHNICALS
Chana charts are showing mixed sentiments in the market. Candlestick pattern is showing resistance at higher levels. Stochastic has also made bearish crossover in overbought region. However, EMA pattern and MACD are still in favor of bulls. The prices are likely to see tentativeness at higher levels.
WEATHER
Weather for Chana is likely to be clear in Western and Central region, which is congenial for the maturing and pod forming of Chana there.
TRADE RECOMMENDATION
Contract
Call
Entry
T1
T2
SL
S2
S1
PCP
R1
R2
NCDEX-Feb
Sell
<2380
2327
2310
2410
2286
2309
2351
2414
2425
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