Technical View

    Friday, September 24th, 2010 
 

NCDEX Channa                                                                                                                                                       CMP Rs. 2250
 

Technical Outlook 

Channa    Basic  Fundamentals:  Light‐brown  beans  with  a  nutty  flavor  belonging  to  the  chickpea  family.  Chickpeas, sometimes also known as garbanzo beans, are believed to have originated in North  Africa, the Middle East and India. Chickpeas (Channa) have indeterminate growth which means  they continue flowering until stress such as drought or frost stops growth and begins pod‐set.  Chickpeas  are  well adapted  to  the  drier  parts of  the  brown  and  dark  brown  soil  zones  of  the  Prairies. They do not tolerate poorly drained or saline soils.     Technical Outlook. NCDEX Channa is currently trading at Rs. 2248 on 24th Sept 2010 (4:48PM).   It has formed a Parallel Channel from 22nd July 2010, shown with green line in the given chart.  Channa today has broken the price range(as well as parallel channel) of past 9 Days in one shot,  and  prices  are  traveling  above  its  Medium  Term  Moving  averages  (MA  9  and  MA  21).  MA  9 

Technical View

valuing at Rs. 2203 and MA 21 Valuing at Rs. 2215 which can be considered as major support  for coming days/sessions.     We can locate from the given chart that RSI(momentum indicator) has moved above to 47 as  compared  with  previous  closing  session  which  was  lying  at  37  and  it  is  far  above  its  moving  average valuing at 36.60( and made bullish crossover). Additionally, with Price breakout and RSI  crossover,  volume  has  also  given  breakout,  taking  into  consideration,  past  few  days  (which  is  considered as valid Channel breakout).     We recommend buying NCDEX Channa in every deep uptill Rs. 2215 with stop loss of Rs.2170  for targets of Rs.2300/Rs.2350.       Daily Resistance & Support Levels (Price are mentioned in Rs.)  Resistance  Support  2344  2216  2301  2173  2280  2152          Simple Moving Averages (Price are mentioned in Rs.)  Moving Average  Value  30  2256  50  2315  100  2347  200  2355     
 

 
 

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