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Monday, July 4, 2022

NCDEX Chana under fresh selling; Resistance seen at 4727

MCX Nickel under fresh buying; Resistance seen at 797.6

MCX Aluminium under fresh buying; Support seen at 137.9

MCX Mentha Oil under fresh selling; Support seen at 1578.1

MCX Cotton under short covering

NCDEX Jeera may trade between 18875-19115 levels

Technically Chana market is under fresh selling as market has witnessed gain in open interest by 5.69% to settled at 20620 while prices down 44 rupees.

Now NCDEX Chana is getting support at 4613 and below same could see a test of 4567 level, And resistance is now likely to be seen at 4727, a move above could see prices testing 4795.

Chana on NCDEX settled down by 0.94% at 4660 on profit booking after prices gained on concerns of a decline in acreage this season and curb on pulses imports. Chana prices were higher as farmers are not ready to sow pulses this year due to insufficient procurement by government and weak prices for pulses.

Chana was sown on 6.265 million hectares as on Nov 22 compared to 7.198 million hectares in the same period a year ago, according to the data from the Ministry of Agriculture. Meanwhile, stocks of chana in physical market are lower as government extended the import restriction till December.

The government raised the import duty to 60% from 40% on chana in March this year to restrict cheaper imports and to help farmers following a record harvest. Year to date chana gained over 19%, and on Nov 21, the commodity touched a high of Rs 4,791 per quintal — its highest level since Nov 28, 2017 due to import curbs and lower acreage.

Nafed sold 55,100 tons of gram in Andhra Pradesh while in Telangana the agency sold 27,301 tons.The cooperative firm released 83,750 tons and 30,497.01 tons of chana in Karnataka and Maharashtra while in Gujarat, Madhya Pradesh and Rajasthan the agency sold 37,906 tons, 10,920 tons and 47,717 tons, respectively.  Chana stocks are diminishing due to higher domestic consumption and lower imports of chana due to 60% import duty since March 2018.

Trading Ideas:
–Chana trading range for the day is 4567-4795.
–Chana dropped on profit booking after prices gained on concerns of a decline in acreage this season and curb on pulses imports.
–Chana stocks are diminishing due to higher domestic consumption and lower imports of chana due to 60% import duty since March 2018.
–NCDEX accredited warehouses Chana stocks dropped by 1100 tonnes to 12654 tonnes.
–In Delhi spot market, chana gained¬† by 34.65 Rupees to end at 4550 Rupees per 100 kgs.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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