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Wednesday, February 14, 2007
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Jan 30 2007 10:14AM
30th Jan 2007 Pulses Report
CHANA
FUNDAMENTALS
Chana prices remained firm at most of the trading centers today. The increased demand from retailers and millers and slight short supply mainly pushed up the Chana prices. These days, harvesting has not gathered momentum at most of the production centers. The supply side would become strong by February as harvesting will speed up in Maharashtra and Karnataka, further harvest in MP will also be supporting it by that time. Till then the prices are expected to be firm. Meanwhile, on rumors of lower production futures market turned bullish.
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 has not gathered momentum
Bulls
SPOT MARKET PRICES: (Rs/qtl)
Grade
Centre
29.01.07
27.01.07
Change
Rajasthan Desi
Delhi
2750
2700
+50
Kantewala
Indore
2600
2550-2600
-
Gauran
Akola
2550-2575
2550
-
TECHNICALS
Candlesticks pattern shows bullish sentiments prevailing in the market. The prices closed far above short term EMA’s and MACD is rising in positive zone indicating firmness in prices. RSI is bullish in overbought region and Stochastic Oscillator is rising in overbought region. The prices might remain volatile with chances of weakness during the session.
WEATHER
Weather for Chana is expected to be clear in Western and Central region, which is congenial for the maturing and pod forming.
TRADE RECOMMENDATION
Contract
Call
Entry
T1
T2
SL
S2
S1
PCP
R1
R2
NCDEX-Feb
Sell
<2524
2484
2465
2552
2455
2418
2497
2530
2576
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