The price of Chana has been in strong uptrend over the past 3-5 months. Every correction from
higher levels have halted and taken support at the key moving average clusters.
One can clearly see from the chart above that the prices took support at the 8 day moving average and gave a smart bounce during the previous session of trade on the back of strong volume.
The overall technical structure remains bullish and a move past the Rs 3687 levels will lead to a fresh rally in the price of Chana.
The MACD indicator has been continuously trading in bullish mode. We recommend traders to buy on a break above Rs 3687 levels with a stop loss placed below Rs 3623 levels for upside targets of Rs 3755 / Rs 3780 levels expected to be achieved in 3-4 sessions of trade.
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