Sell Chana below Rs 3000: Geojit Comtrade

Written By Unknown on Jumat, 27 September 2013 | 14.03

Geojit Comtrade's report on agricultural commodities

Chana Oct NCDEX: Chana prices plummeted sharply from a high of 3070 and closed the day at 3000 levels. Prices need to break the trend line support of 3000 to trigger the next leg of selloffs towards 2950 and then to 2880 levels for the day. Moreover, daily RSI (14) is also seen negative for the day. On the other hand, inability to do so could see short covering rallies 3030/3060 levels.

Refined Soy oil Oct NCDEX: Required to break above 669 for the buying momentum to continue towards 671/676 levels.

CPO Sep MCX: Any successful trades above 531, could see pullbacks to 536/540 levels in the near term.

Cardamom Oct MCX: Cardamom prices nosedived and later closed the day at 738.30. It need to break and sustain below 738 for the continuation of downside moves to 720 and then to 700 levels. However, if prices break and sustain above 770, could extend the short covering rallies to 780/795 levels. Major upside moves would trigger only above 805 regions.

Strategies:
Buy Refined Soy oil above Rs 669
Buy CPO on dips
Sell Chana below Rs 3000

(Prices in Rs.)

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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