CHANA TURNS BULLISH ON 10% IMPORT TAX

• Chana futures are expected to trade higher in the coming days as Agriculture Ministry of India has proposed an imposition of a 10 per cent duty on gram (chana) to restrict cheaper imports and protect farmers however profit booking on higher levels may restrict sharp gains.
• NCDEX Chana Jan. futures traded on a negative note on Wednesday. Chana January contract contracted 1.5% to 3641 levels on Monday at India's National Commodity & Derivatives Exchange Limited (NCDEX).
• Chana is likely to trade positive for short term and sideways for intra day with short term support seen at 3550 and resistance at 3770. Intra day support is seen at 3680 and resistance at 3750.

CS CHANA (JANUARY) TECHNICAL VIEW                        

      TREND: BULLISH                                 STRATEGY: BUY ON DIPS

RESIST 2:3850 | RESIST 1:3770                 SUP1:3570 | SUP2:3460