Agri Commodities

#3 Chana Update

#1 Chana Update we gave a call to short Chana Oct to traders with tgt of 3044 which has been achieved. On other hand we did ask long term investors to get into commodity upto 2983 while chana is trading below that level. We didnt mention any stop loss as the commodity is volatile. Now the daily charts are in oversold zone which is signing of a pull back pretty soon. Currently it is trading below all the short term moving averages so its a risky call to go long. But as per elliot wave theory we should expect a turnaround and the rally now would be a long one.

Our Strategy: We recommend Traders and Investors to go Long at CMP 2886 (oct) with tgts of 2952/3061/3200. SL would be at 2765 on Closing basis

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