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Jul 31 2007 11:07AM
Govt. importing pulses through PSUs

CHANA
FUNDAMENTALS  
A mixed sentiment was observed in Chana spot markets on Monday. Arrivals in Delhi at 20-25 motors were slightly better than previous day’s arrivals of 20 motors. Meanwhile arrivals increased to 600 bags in Bikaner against 100 bags on the previous day. Prices eased by Rs.15-20 in Delhi, Indore and Akola on lower demand due to deterioration of quality of Chana (Dank and Dagi). But prices of Desi Chana in Kanpur and Chapa Chana in Akola went up by Rs.15-25 due to slight increase in demand from the millers. Prices moved up by Rs.35 in Bikaner due to better demand, although earlier there were rumors about quality deterioration, which has turned baseless now. Millers are also keeping away in anticipation of further fall in price, before festival demand picks up.
TUG-OF-WAR: Bulls vs. Bears
No.
Pressure Point
Favours
1.
Govt. importing pulses through PSUs Bears
2.
Exch. stocks reached 42,282 tonnes. Bears
3.
Deterioration in quality (dank) in Chana Bears
4.
Arrivals of 69,166 tonnes Peas during the week. Bears


SPOT MARKET PRICES: (Rs/qtl)
Grade
Centre
30.07.07 28.07.07
Change
Rajasthan Desi
Delhi
2290
2310
-20
Kantewala
Indore
2325
2340
-15
Desi
Bikaner
2150
2115
+35
 
TECHNICALS
Chana chart shows small hollow candle with long lower shadow, showing good buying at lower levels. EMAs and MACD remain weak for medium-term. Stochastic and RSI are both in oversold region, but only RSI shows signs of recovery. Prices are likely to trade slightly firm after a steady to slightly weak opening, with good chances of a late-session downward correction.
 
WEATHER
Continuing weak phase in monsoon is threatening kharif pulses output.
   
TRADE RECOMMENDATION
 
Contract
Call
Entry
T1
T2
SL
S2
S1
PCP
R1
R2
NCDEX-Aug
Buy
>2246
2260
2264
2239
2222
2231
2246
2288
2300





 
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Equities: Trading through Reliance Securities Limited | NSE SEBI Registration Number Capital Market :- INB 231234833 | BSE SEBI
Registration Number Capital Market :- INB 011234839 | NSE SEBI Registration Number Derivatives :- INF 231234833 Commodities : Trading through Reliance Commodities Limited | MCX member code: 29030 | NCDEX member code: NCDEX-CO-05-00647|
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