March 22, 2011

Commodity Levels for Chana For 22 March.

The commodity future April contract for chana continues it’s down trend today as well. For commodity Chana market sentiments are on selling side for today. The commodity contract has opened at 2505 per quintal, after making its intraday high of 2506 it started trading downside and made an intraday low of 2483 on some selling sentiments at current levels.

The commodity arrivals of chana created a selling pressure on the market rates. The Low demands over MCX, NCDEX and in the mandis were there as traders apprehend increased arrival pressure of the new crop to weigh on the market sentiments in the short term. Arrivals of new commodity crop from Rajasthan and Maharashtra continued which also pressurized Chana.

According to Ministry report, Chana production in 2010 stood at 73.6 lakh tonnes vs 70.6 lakh tonnes in 2009. Commodity on January 1, 2011, Chana acreage stands at around 87.79 lakh hectares vs 81.89 lakh hectares in same period last year.

Technically, 14 days RSI at 48 shows that it may trade weak in short term. 14 days RSI on weekly chart at 50 also indicates prices may go down marginally in near future. Commodity traders can look for the opportunity to sell at higher levels and positional traders can wait for few sessions for bottom buying.

MCX Trade Trail Click Here
Related Posts Plugin for WordPress, Blogger...
Get excellent Free Tips through SMS of 89.55% accuracy on MCX Gold Tips | Silver Tips for Today| Tips on Buying Silver| MCX Silver Tips for Today| Gold tips and Silver Tips| Copper Updates| MCX Online Tips| Gold Live Price for India | Precious metals |Commodity live Tips | Commodity Prices| MCX NCDEX Tips| Live MCX Tips

Google Translator


This commodity blog is solely intended to give commodity recommendation over commodities, MCX Live Tips, Bullion Tips, Gold Tips, Silver Tips and we are not responsible for any loss. All readers must accept responsibility on their own for using commodities tips.