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Wednesday, February 14, 2007
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Jan 31 2007 10:20AM
31st Jan 2007 Pulses Report
CHANA
FUNDAMENTALS
Chana prices remained firm at most of the trading centers today. Most of the markets in Maharashtra remained closed today on the occasion of Muharram. The increased demand from retailers and millers along with slight short supply mainly pushed up the Chana prices as the harvesting pressure is yet to build up. The harvesting has not gathered momentum at most of the production centers and expected to build up from mid February. The production is also expected on the higher side. Chana crop is expected at 60 lakh tonnes this year according to the trade sources. So, if weather remains congenial during harvesting season, the prices will come down to more reasonable levels in the coming time.
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
30.01.07
29.01.07
Change
Rajasthan Desi
Delhi
2800
2750
+50
Kantewala
Indore
2650
2600
+50
Gauran
Akola
Closed
2550-2575
-
TECHNICALS
Chana charts are showing tentativeness at higher levels as depicted by long upper shadow of candlestick. The prices closed above EMA, which shows firmness is intact. MACD and Stochastic are both in favor of bulls. The prices are likely to see some more correction.
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
<2505
2445
2430
2540
2405
2430
2481
2545
2576
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