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Technically Chana market is under fresh selling as market has witnessed gain in open interest by 2.79% to settled at 23230 while prices down 23 rupees.
Now NCCDEX Chana is getting support at 4561 and below same could see a test of 4482 level, And resistance is now likely to be seen at 4703, a move above could see prices testing 4766.
Chana on NCDEX settled down by 0.49% at 4639 as the supplies continue to increase following sales by National Agricultural Cooperative Marketing Federation of India Ltd (Nafed) sale. 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 acreage is at 62.7 lakh ha, down 13% compared to last year acreage as on 22nd Nov as per govt data. The govt have extend import curbs on all varieties of peas by 3 months until the end of December.
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 tonnes on year for Apr-Sep period while imports down by 93% for the same period.
Trading Ideas:
–Chana trading range for the day is 4482-4766.
–Chana dropped as the supplies continue to increase following sales by National Agricultural Cooperative Marketing Federation of India Ltd (Nafed) sale.
–Nafed sold 55,100 tons of gram in Andhra Pradesh while in Telangana the agency sold 27,301 tons.
–NCDEX accredited warehouses Chana stocks gained by 152 tonnes to 13683 tonnes.
–In Delhi spot market, chana dropped by 50 Rupees to end at 4500 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
