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Tuesday, February 13, 2007
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Feb 3 2007 10:11AM
3rd Feb 2007 Pulses Report
CHANA
FUNDAMENTALS
Chana prices eased further at most of the centers with the progress of harvest. Though harvesting of Chana in Madhya Pradesh has just started and it hasn’t peaked in Maharashtra and Karnataka, the prices are coming down from the heated levels easening supply situation. Arrivals in Indore increased to 1500 bags from 700 bags yesterday. Harvesting in Maharashtra and Karnataka is likely to peak from mid February onwards. Meanwhile, the main producer M.P, is expected to see harvest pressure peaking in March. Further, in Bikaner belt the crop is in good condition, whereas Churu and Tara Nagar belts are waiting for some drizzles. Prices might ease gradually with progress of harvest.
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 increased by 0.7 mln hectares this year
Bears
SPOT MARKET PRICES: (Rs/qtl)
Grade
Centre
02.02.07
01.02.07
Change
Rajasthan Desi
Delhi
2600-2650
2800
-150
Kantewala
Indore
2375-2400
2500
-100
Gauran
Akola
2350
Closed
-
TECHNICALS
Chana charts are showing weakness as prices closed below the EMAs. MACD has made bearish crossover, and is indicating decreasing bullish momentum. Stochastic is also negative in neutral region. The prices are likely to see some volatility with bearish bias.
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
<2140
2110
--
2160
2080
2106
2146
2174
2200
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