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Tuesday, January 25, 2022

NCDEX Chana under fresh selling; Support seen at 4420

MCX Zinc likely to trade in a range between 177.3-184.5

MCX Copper likely to trade in a range between 414.9-430.5

MCX Nickel likely to move in a range of 747.4-781

MCX Aluminium likely to move in a range of 133.7-136.7

MCX Natural Gas may trade in a range between 237.7-282.3

Technically Chana market is under fresh selling as market has witnessed gain in open interest by 3.14% to settled at 39030 while prices down 42 rupees.

Now NCDEX Chana is getting support at 4420 and below same could see a test of 4387 level, And resistance is now likely to be seen at 4493, a move above could see prices testing 4533.

Chana on NCDEX settled down by 0.93% at 4452 tracking weakness in spot demand amid NAFED auctioning in states of Rajasthan and Madhya Pradesh. Chana stocks are diminishing due to higher domestic consumption and lower imports of chana due to 60% import duty since March 2018.

Chana exports from the country increased by 172% to 120,664 tn on year for Apr-Sep period while imports down by 93% for same period. The total availability of stock with the agency was 700,000-750,000.

Nafed sold 66,710 tons of gram in Andhra Pradesh while in Telangana the agency sold 35,712 tons. Chana output is expected to fall this year in the key growing state of Rajasthan.  Chana acreage is anticipated to fall this season due to drought like situation in major producing states such as Madhya Pradesh and Rajasthan.

Rajasthan has sown gram on 1.2961 million hectare compared to 1.3956 million hectare in the same period a year ago, according State’s Agriculture data.

Chana acreage in Gujarat was reported at 130,604 hectare as on Dec 3 compared to 247,600 hectare in the corresponding period last year, according to State’s Agriculture Department report.  According to Department of Agriculture Co-operation and Farmers Welfare data, as on Nov 30 chickpea was sown on 7.

Trading Ideas:
–Chana trading range for the day is 4387-4533.
–Chana dropped tracking weakness in spot demand amid NAFED auctioning in states of Rajasthan and Madhya Pradesh.
–Nafed sold 66,710 tons of gram in Andhra Pradesh while in Telangana the agency sold 35,712 tons.
–NCDEX accredited warehouses Chana stocks gained by 305 tonnes to 14910 tonnes.
–In Delhi spot market, chana dropped  by 14.8 Rupees to end at 4400 Rupees per 100 kgs.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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