NCDEX Chana under fresh selling; Resistance seen at 4331

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Technically Chana market is under fresh selling as market has witnessed gain in by 3.6% to settled at 139640 while prices down 36 rupees.

Now NCDEX Chana is getting support at 4274 and below same could see a of 4250 levels, and resistance is now likely to be seen at 4331, a move above could see prices testing 4364.

Chana on NCDEX settled down by 0.83% at 4298 due to increase in supplies at spot markets. Chana demand in the is low due to unseasonal period, while supplies are expected to rise has kept gram prices lower.

NAFED procured 762,781.46 tons of chana in Telangana, Rajasthan, Maharashtra, Madhya Pradesh, Andhra Pradesh, Uttar Pradesh, Haryana, Karnataka and Gujarat under Price Support Scheme (PSS).

Chana prices also got support due to the estimation of lower output this year. Chana output forecast revised slightly lower at 100.90 lakh tons in third  advance estimates compared to 103.2 lakh tons in second advance estimates by the government.

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.

According to the second advance estimate released by government, chana production estimate for 2018-19 is 10.32 million MT which is 8.10percent lower than the 4th advance estimate of 11.23 million MT of 2017-18.

Trading Ideas:
–Chana trading range for the day is 4250-4364.
–Chana ended with losses due to increase in supplies at spot markets.
has issued a combined 6,50,000 tons import quota for pulses for the fiscal year to March 2020, a government order said.
–Chana output forecast revised slightly lower at 100.90 lakh tons in third  advance estimates compared to 103.2 lakh tons.
–In Delhi spot market, chana dropped  by 11 Rupees to end at 4254 Rupees per 100 kgs.

Courtesy: Kedia Commodities           

Source: Commodityonline.com