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Chana

On a weekly time frame, NCDEX Chana (Sep) future has been trading continuously in a bullish channel from last couple of weeks.

The price tested the support of 50 EMA and witnessed a good rebound, which confirms further reversal in the counter.

In addition, the price has been trading above the Ichimoku Cloud, which suggests bullish strength.

Moreover, the lower Bollinger Band provides immediate support to the price and turns upward , which indicates bullish momentum in the near future.

Furthermore, an oscillator Stochastic RSI is also supportive for the long position with positive crossover.

Based on the above technical structure, we suggest a bullish movement in NCDEX Chana (Sep) towards the level of 5550 in the near future.

Buy NCDEX Chana (Sep) @ 5147 SL 4940 TGT 5550

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