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Feb 27, 2013, 10.57 AM IST
Sharekhan has come out with its report on Chana. The research firm expects NCDEX Chana April Contract to trade with a negative bias for a target of Rs3180 on the downside. The reversal can be trailed to Rs3425, which is the 20-DSMA.
Sharekhan has come out with its report on Chana. The research firm expects NCDEX Chana April Contract to trade with a negative bias for a target of Rs3180 on the downside. The reversal can be trailed to Rs3425, which is the 20-DSMA.
According to chart of NCDEX Chana April contract, after breaking down from a bearish flag pattern gram chana has seen a sharp correction. It has reached the lower Bollinger Band, which was the initial target. It is trading below the 20-daily simple moving average (DSMA). The momentum indicator has triggered a negative crossover and shows no signs of strength. Considering all these factors we expect gram chana to trade with a negative bias for a target of Rs3,180 on the downside. The reversal can be trailed to Rs3,425, which is the 20-DSMA. 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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