Feb 27, 2013 10:57 AM IST | Source: Moneycontrol.com

NCDEX Chana Apr Fut to trade with negative bias: Sharekhan

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.

NCDEX Chana Apr Fut to trade with negative bias: Sharekhan

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.

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