Monday, 12 December 2011

Support for NCDEX Chana Jan at Rs 3110 - 3120

At NCDEX, Traders attribute the exchanges action to the high volatile in volume. In case of chana, Total contract in Jan 2012 jumps to 480 crore on 30th of November from a low of Rs 364 crore in comparison of previous day. On Nov 14, total turnover in this contract was recorded at Rs. 125 crore.

Naveen Mathur, Associate Director of Angel Broking said that the special margin of 10 percent in Chana was imposed on Sep 30 to control excessive volatility.

Chana prices rose 68 percent from the lows of Rs 2,198 a quintal since middle of April due to seasonality pattern and touched a high of Rs. 3700 per quintal on Sep 26. Current price of Chana is at Rs. 3137/quintal. The NCDEX January contract is getting support near Rs. 3110-3120 while resistance is seen near Rs. 3340-3350.

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