Buy Chana on dips; sell Wheat, Gur: Geojit Comtrade

Geojit Comtrade has come out with its report on agricultural commodities. The research firm has recommended to buy Chana on dips, sell Wheat below Rs 1440 and Gur below Rs 1085 in its report dated February 13, 2013.

Chana Apr NCDEX: While above 3400, prevailing short covering rallies are likely to extend towards 3450 levels.

Wheat Mar NCDEX: Wheat prices plummeted sharply from a high of 1458, closing the day at 1441 levels. A support is visible at 1440, which if cleared with torrential volume, would see drooping prices towards 1425 followed by 1410 levels in the immediate run. Moreover, on the daily chart, momentum indicator RSI is trading negative. However, any spontaneous rise above 1460 could negate our bearish view in the near term.

Gur Mar NCDEX: Any break below 1085 could call for a lower correction towards 1060 levels.

Pepper Mar NCDEX: Pepper prices rebounded from the support of 36070 and closed the day at 36440 levels. Successful trades above 36500, could see prices to trade higher towards 36700/37100 levels. On the other side, inability to trade above the 22 day EMA of 36000 could see continuation of long liquidation towards 35500 levels. Meanwhile, daily RSI indicator is gradually impending positive territory.

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