Panchang is collection of 5 (panch) elements (ang),of moon's position. These five elements are:-

1. Day of Week (each day is ruled by a planet)
2. Nakshatra (star or constellation in which Moon is transiting)
3. Tithi (moon phase, with respect to Sun’s position)
4. Karana (half a lunar day) (each Tithi has 2 Karanas)
5. Yoga (a special calculation for the separating distance of the Sun and Moon)

These Yogas and Karanas are particularly observed for child birth and nature of the child being born during that time.Also while meeting a new person, they are observed by few to know the mindset of that person at that moment.

Yogas in Panchang

Calculation of yoga 

Yoga =Longitude of sun + Longitude of moon13°20'

Based on this there are 27 yogas

1. VISHKUMBHA (Supported) — prevails over others, victorious over enemies, obtains property, wealthy.
2. PRITI (Fondness) — well-liked, attracted to the opposite sex, enjoys life with contentment.
3. AYUSHMAN (Long-lived) — good health and longevity, energetic.
4. SAUBHAGYA (Good Fortune) — enjoys a comfortable life full of opportunities, happy.
5. SOBHANA (Splendor) — lustrous body and demeanor sensualist, obsessed with sex.
6. ATIGANDA (Danger or obstacles) — difficult life due to numerous obstacles and accidents; revengeful and angry.
7. SUKARMA (Virtuous) — performs noble deeds, magnanimous and charitable, wealthy.
8. DHRITI (Determination) — enjoys the wealth, goods and spouses of others; indulges in the hospitality of others.
9. SOOLA Spear, Pain) — confrontational and contrary, quarrelsome, angry.
10. GANDA (Danger or obstacles) — flawed morals or ethics, troublesome personality.
11. VRIDDHA (Growth) — intelligent, opportunistic and discerning; life constantly improves with age.
12. DHRUVA Constant) — steady character, able to concentrate and persist, wealthy.
13. VYAGATHA (Beating) — cruel, intent on harming others.
14. HARSHANA (Thrilling) — intelligent, delights in merriment and humor.
15. VAJRA (Diamond, Thunderbolt) — well-off, lecherous, unpredictable, forceful.
16. SIDDHI (Success) — skillful and accomplished in several areas; protector and supporter of others.
17.  VYATAPATA (Calamity) — prone to sudden mishaps and reversals, fickle and unreliable.
18. VARIYAN (Comfort) — loves ease and luxury, lazy, lascivious.
19. PARIGHA (Obstruction) — encounters many obstacles to progress in life; irritable and meddlesome.
20. SIVA (Auspicious) — honored by superiors and government, placid, learned and religious, wealthy.
21. SIDDHA (Accomplished) — accommodating personality, pleasant nature, interest in ritual and spirituality.
22. SADHYA (Amenable) — well behaved, accomplished manners and etiquette.
23. SUBHA (Auspicious) — lustrous body and personality, but problems with health; wealthy, irritable.
24. SUKLA (Bright White) — garrulous and flighty, impatient and impulsive; unsteady and changeable mind.
25. BRAHMA (Priest, God) — trustworthy and confidential, ambitious, good discernment and judgment.
26. INDRA (Chief) — interest in education and knowledge; helpful, well-off.
27. VAIDHRITI (Poor Support) — critical, scheming nature; powerful and overwhelming mentally or physically.

Karanas in Panchang

Karana is half a Tithi or Moon Phase. There are four Fixed Karanas and  seven movable karanas. The fixed karanas occour only once in a month.the movable karanas occour eight times in a month.

The four fixed kaarnas are

1. Shakuni : The person of this Karana will be calm, composed, intelligent, gifted with intuition and full of good deeds. Its ruling deity is Garuda (eagle). Shakuni Karana falling in the night in the 14th day of the dark moon is suitable for hold-ups, committing theft and the like crimes, driving away enemies and soldiers, taming birds, starting medication and all kinds of war operations.
2. Chatushpada : The person of this Karana will do independent business, take great pains in work and will be truthful. Its ruling deity is Vrishabha (Bull). This Karana falling on Amavasya (New Moon) is suitable for vanquishing enemies through Tantric methods. It gives success in all business related to four footed animals, particularly cattle. Shraddha and Tarpanam work done in this karana also gives quite good results.
3. Naga : The person of this Karana will be a specialist and successful in professions connected with minerals. Will be of good character and capable of mesmerizing and catching snakes. Its ruling deity is Naga (deified form of serpent). Naga Karana falling in Amavasya (New Moon) is more suited for destructive and subversive acts.
4. Kaustuva or Kimstughna : Persons of this Karana are intelligent but may be bent on doing bad deeds; are heartless, unpopular and may suffer much in life. Its ruling deity is Kubera (Lord of wealth). This karana falling on Sukla Paksha Pratipada (1st day of Waxing Moon Phase) causes Vaisvadeva Yoga ,which is held to be the best karana for doing any work.

 7 reoccouring kaaranas are

1. Bava : People born in this Karana will be poor but will be kind and content with what they get. They will be successful if they pursue a career with the Army.
2. Balava : The person born in this Karana will be handsome, courageous, sacrificing and will be interested in sports and extra-curricular activities.
3. Kaulava : Those born in this Karana will be intent on doing bad deeds as their earlier environment was not congenial to molding a good character.
4. Taitila : The person born in this Karana will be soft hearted, even tempered and with strong convictions. Constitutionally the person will be strong.
5. Gara : The person of this Karana will be a good strategist, imaginative and talkative.
6. Vanija : The person of this Karana will have good business acumen and will be capable of succeeding in any type of business.
7. Vishti: The person of this Karana will be heartless, without friends and will be bent on doing bad deeds.