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NCDEX SOYBEAN
NCDEX Soybean has been consolidating in a broad range of Rs.1,880 - Rs.2,560 since past fifteen months taking support of an upward sloping trend line and resistance. Resistance is looking at Rs.2,450 and took support on it confirming validity of the same. As long as price is sustaining well above the trendline, buying on dips would be the advisable strategy for short term. The 14-period RSI is currently pointing upwards indicating positive momentum.
Strategy - Go long at cmp and on dips toward Rs.2,580 and target Rs 2,805 with stop loss (closing below) - Rs.2,540 level.
NCDEX CHANA
NCDEX Chana after creating a life time high of Rs 3,700 is in a consolidating phase ranging Rs 2,900-3,700 since past four months forming a symmetrical triangle pattern (R,S), with lower top and higher bottom formation on it. The breakout is supported by rise in volume activity. Further, if the price continues to hold support at Rs 3,470 level, an upside move till Rs 3,860-3,880 levels could be possible.
Strategy: Go long at CMP and on dips toward Rs 3,540 and target Rs 3,860 and stop loss (closing below) Rs 3,470 level.
