Friday, January 22, 2016

Indian Agri Market under Pressure ; NCDEX Chana Prices fell by 10%

For the most Agri Commodities trend continued at bearish note. Spices sector failed to hold on to the higher levels as lack of demand amidst high stocks and conducive weather in growing areas kept trend down.

NCDEX Guar too showed weakness as lack of export demand in the former and lack of domestic demand in winter season for the latter kept trend down.

Oil complex and fibre too traded weak as bearishness in International markets amidst economic problems in China kept sentiments down as uptrend looks limited for most counters.

During the past month, prices of NCDEX Chana in the wholesale market is noted that it fell by 10 percent. Chana prices in the wholesale market in Delhi came to Rs 4,700 per quintal from Rs 5,200. Government crackdown on hoarders gram in the market due to increased availability. The new crop is likely to see a further decline in the prices.

BUY Intraday ZINC - JANUARY (MCX) @ 102.50, Target: 101.70, Stop-loss: 103.00

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