NCDEX Chana can tumble down to Rs 3050: Sharekhan

Sharekhan has come out with its report on Chana. According to the research firm, the NCDEX Chana looks set for the next leg down. Unless the swing high of Rs 3511 is crossed, Chana can tumble down till the lower channel line that is Rs 3050.

NCDEX Chana has been falling in a channelised manner. In terms of price pattern, it has formed a bearish triangle where the last leg has made a throw-over. This leg faced resistance at the junction of the 40-daily exponential moving average, daily upper Bollinger Band and upper end of the falling channel. Thus the agri-commodity looks set for the next leg down. Unless the swing high of Rs 3511 is crossed chana can tumble down till the lower channel line i.e. Rs 3050.

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