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Feb 6 2007 12:00AM
6th Feb 2007 Pulses Report
CHANA
FUNDAMENTALS
Chana prices dipped sharply at most trading centres. The main fall was seen in Delhi, Indore and Kanpur centres. Arrivals increased sharply in Delhi markets from 25 motors to 65 motors following which prices nose-dived. Now, with the progress of harvest, the sellers seem under pressure to offload and buyers seem waiting for lower prices. With higher production expected due to increased acreage, stockists might wait for the prices to come down before purchasing. Chana is expected to witness gradual fall in prices with the progress of harvest. However, slight firmness in other pulses might support the prices of Chana to some extent.
TUG-OF-WAR: Bulls vs. Bears
No.
Pressure Point
Favours
1.
Harvesting in MP has started
Bears
2.
Good arrivals in Maharashtra and Karnataka
Bears
3.
Acreage up by 7 lakh hectares this year
Bears
SPOT MARKET PRICES: (Rs/qtl)
Grade
Centre
05.02.07
03.02.07
Change
Rajasthan Desi
Delhi
2400
2500
-100
Kantewala
Indore
2225-2250
2400
-150
Gauran
Akola
2300
2350
-50
TECHNICALS
Chana charts are showing continued weakness in the market as prices closed below the short term EMAs. MACD is showing decrease in bullish momentum, whereas Stochastic is negative in neutral region. The prices are likely to see some volatility with bearish bias.
WEATHER
Clear weather for Chana is expected t in Western and Central regions, which is congenial for maturing and pod forming.
TRADE RECOMMENDATION
Contract
Call
Entry
T1
T2
SL
S2
S1
PCP
R1
R2
NCDEX-Mar
Sell
<2085
2030
2015
2115
1993
2015
2060
2087
2107
DISCLAIMER
This report is prepared exclusively for Reliance Commodities by Indian Rural Market Products Pvt Ltd (IRMPL). The information and opinions contained in the document have been compiled from sources believed to be reliable. IRMPL does not warrant its accuracy, completeness and correctness. Use of data and information contained in this report is at your own risk. This document is not, and should not be construed as, an offer to sell or solicitation to buy any commodities. IRMPL and its affiliates and/or their officers, directors and employees may have positions in any commodities mentioned in this document (or in any related investment) and may from time to time add to or dispose of any such commodities (or investment).
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