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02 September, 2015 08:18 IST
Go short in NCDEX Chana on rise towards Rs 4,315: Dharmesh Bhatia
Source: IRIS | 21 Nov, 2012, 02.52PM
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NCDEX Chana after creating a contract high of Rs 5,262 is in a consolidating phase ranging Rs.4,000-4,667 since past three months forming a symmetrical triangle pattern (R,S), with lower top and higher bottom formation on it. However, the price has recently broken down of the triangle support line at Rs 4,315 level indicating bearish momentum, said Dharmesh Bhatia, associate vice president - research, Kotak Commodities Services.

''The 9-period RSI has also showing down trend and is sustaining well above the 50 mark which indicates negative momentum. Further, if the price continues to hold below at Rs.3,350 level, an down move till Rs.4,194-4,150 levels could be possible,'' he opined.

Strategy - Go short at cmp 4,285 on rise towards Rs 4,315 target of Rs 4,194/4,150 with stop loss (closing below) - Rs 4,369 level.

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