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MTECHTIPS;-NCDEX Chana negative for short term; further short covering expected

MTECHTIPS;-NCDEX Chana negative for short term; further short covering expected

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Published by MtechTips
MTECHTIPS;-NCDEX Chana negative for short term; further short covering expected

The trend in chana (chickpea) futures for July delivery on India's National Commodity and Derivatives Exchange (NCDEX) looks negative for short term and short covering is expected at current levels.“Support for the commodity is seen at 3150 while 3340 is the resistance. Traders may sell around 3280 with the stop loss of 3340 for the target of 3150, said Milan Shah, Research Analyst at Commodity Online.For the time being, chana futures are exhibiting positive meovement as a result of short covering. Over all commodity fundamentals look still weak. NCDEX chana futures for July delivery was seen trading up by 1.46% at Rs.3260 per 100 kg as of 12.04 PM IST on Wednesday.Reports on good monsoon, good stocks are limiting further up-tick in the commodity. Chana stockists are not willing to sell their stocks at lower current price levels and this is preventing the further fall in the commodity prices to some extent.Higher production estimates are also expected to limit any significant up-trend in the commodity.India's chickpea production is expected to be at 8.49 mn tons in 2012-13, higher when compared to 7.70 mn tons recorded in the last year, according to the third advanced estimates by the Ministry of Agriculture agriculture.

WWW.MTECHTIPS.COM
07489294118-119
MTECHTIPS;-NCDEX Chana negative for short term; further short covering expected

The trend in chana (chickpea) futures for July delivery on India's National Commodity and Derivatives Exchange (NCDEX) looks negative for short term and short covering is expected at current levels.“Support for the commodity is seen at 3150 while 3340 is the resistance. Traders may sell around 3280 with the stop loss of 3340 for the target of 3150, said Milan Shah, Research Analyst at Commodity Online.For the time being, chana futures are exhibiting positive meovement as a result of short covering. Over all commodity fundamentals look still weak. NCDEX chana futures for July delivery was seen trading up by 1.46% at Rs.3260 per 100 kg as of 12.04 PM IST on Wednesday.Reports on good monsoon, good stocks are limiting further up-tick in the commodity. Chana stockists are not willing to sell their stocks at lower current price levels and this is preventing the further fall in the commodity prices to some extent.Higher production estimates are also expected to limit any significant up-trend in the commodity.India's chickpea production is expected to be at 8.49 mn tons in 2012-13, higher when compared to 7.70 mn tons recorded in the last year, according to the third advanced estimates by the Ministry of Agriculture agriculture.

WWW.MTECHTIPS.COM
07489294118-119

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Categories:Types, Research
Published by: MtechTips on Jun 12, 2013
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MTECHTIPS
NCDEX Chana negative for short term;further short covering expected
The trend in chana (chickpea) futures for Julydelivery on India's National Commodity andDerivatives Exchange (NCDEX) looks negative forshort term and short covering is expected at
current levels.“Support for the commodity is seen
at 3150 while 3340 is the resistance. Traders maysell around 3280 with the stop loss of 3340 for thetarget of 3150, said Milan Shah, Research Analystat Commodity Online. For the time being, chanafutures are exhibiting positive meovement as aresult of short covering. Over all commodity

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