Agri Commodities

#1 Chana Update:

Chana has found bottom around 2600 and bounced back sharply to near term high of alomst 3200+. Now the Pulse is in some short term profit booking. It has been closing and trading below the short term moving averages showing some weakness in the bull power. RSI has just signaled a Sell from the overbought zone while MACD had already given a crossover sell on 4th Sept. But the weekly indicators are positive and secular trend has turned towards the hand of bulls. Chana has been trading sideways between a downward sloping resistance line and upward sloping support line. but today Chana (Oct) has managed the close below the support line adding to short term weakness.

Our strategy: For Short Term traders: SHORT CHANA (OCT) WITH A CLOSING SL OF 3200                                                                   AND TGTS OF 3100/3044
                    For long term Investros: BUY ON DIPS AT 3103 AND 2983 AND ON THE REVERSE                                                          SIDE BUY BLINDLY ABOVE 3200 

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