MTECHTIPS

MTECHTIPS:-NCDEX Chana bullish for the week; buy on dips

Chana for November delivery on the NCDEX is up by 1.71% at Rs.4790 a quintal and for the week is deemed to be bullish by analysts.“The prices of Chana may find good support at Rs.4250 while resistanceat Rs.4530. Buy on dips is advised.” said Milan Shah, agri-commodity analyst with Commodity Online.“For the Current Market Price of Rs.4400 chana traders can peg stop loss at Rs.4250 for target ranging Rs.4530-Rs.4600.” he added.Chana October contract was closed at Rs. 4519 a quintal on Saturday, down by 0.09% against previous close of Rs.4523. November futures closed at Rs. 4316 a quintal, down by 0.30% than the previous close of Rs. 4329. Total OI was 193170 MT and traded volume was 115870 MT for that day.Meanwhile, Commission for Agricultural Costs and Prices or CACP has recently recommended a hike in minimum support price (MSP) of gram by Rs.200 to Rs.3000 a quintal and masoor by Rs.100 to Rs.2900 a quintal for upcoming 2012-13 rabi season to boost the production of pulses. The government has also extended control order on pulses, edible oils and edible oilseeds from 0.1.10.2012 to 30.09.2013.