NCDEX Chana under long liquidation; Resistance seen at 4430

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Technically Chana market is under long liquidation as market has witnessed drop in by 0.21% to settled at 91020 while prices down 44 rupees.

Now NCDEX Chana is getting support at 4330 and below same could see a of 4282 level, And resistance is now likely to be seen at 4430, a move above could see prices testing 4482.

Chana on NCDEX settled down by 0.99% at 4379 on profit booking after prices gained as stocks with physical traders diminishing amid lower imports and high consumption. NAFED still has more than 16 lt of chana procured last year.

In 2018/19, chana output forecast at 103.2 lt in 2ndadvance estimated by Government, down 8% on year due to 10% less area. Currently, chana attract 60% import duty since Mar 2018 which restricted imports.

Chana, imports are down 85.1% to 1.43 lt in 2018/19 (Apr-Jan) compared to 9.58 lt last year, while exported are close to 2 lt of chana compared to 68,000 tonnes last year. NAFED procured total 39,787.55 tons of gram in Telangana, Rajasthan, Maharashtra and Madhya Pradesh under Price Support Scheme (PSS), the report showed.

India has issued a combined 6,50,000 tonne import quota for pulses for the fiscal year to March 2020, a government order said, allowing overseas purchases of protein-rich pulse varieties that are a staple of Indian cuisine.

Two straight years of drought pushed up pulse prices in 2015 and forced New Delhi to allow duty-free imports. According to the second advance estimates released by the government, chana production estimate for 2018-19 is 10.32 million which is 8.10 percent lower than the 4 th advance estimate of 11.23 million of 2017-18.

Trading Ideas:
–Chana trading range for the day is 4282-4482.
–Chana dropped on profit booking after prices gained as stocks with physical traders diminishing amid lower imports and high consumption.
–In 2018/19, chana output forecast at 103.2 lt in 2ndadvance estimated by Government, down 8% on year due to 10% less area.
–NAFED still has more than 16 lt of chana procured last year.
–In Delhi spot market, chana gained  by 2.3 Rupees to end at 4315.65 Rupees per 100 kgs.

Courtesy: Kedia Commodites

Source: Commodityonline.com