Chana gained Rs 26 and settled at Rs 3227 per quintal on value-buying following a sharp correction in prices and pressured by the prospects of a decline in output due to lesser sowing in the current season.
Chana arrivals have started in southern markets and are expected to pick up in the next few weeks.
According to the Farm Ministry area sown under Rabi pulses is down by 1% to 134.18 lakh hectares as compared to 135.21 lakh hectares in the same period previous year.
Chana sowing till December 23rd 2011 is 4.35% down at 85.7 lakh hectares as compared to 89.6 lakh hectares in the same period previous year.
According to Gujarat farm Ministry, Chana acreage in the state is down 4.9% to 1.84 lakh hectares as con December 26th 2011.
As per IPGA latest reports, Pulses production during current fiscal is expected to fall by 5-7% from 18.3 million tonnes in 2010-11 due to inadequate rains in some growing areas.
Overall trend expected to remain volatile for Chana in the short term as moderate arrivals and slight fall in demand could limit the uptrend.
The total daily arrivals of Chana were hovering at the levels of around 70000 bags in the entire major mandies.
In Delhi spot market, chana jump up by 34.75 rupee to end at 3250 rupee per 100 kgs. The volume was noted at 72150 lots.
Support for chana is at 3179 below that could see a test of 3132. Resistance is now seen at 3255 above that could see a resistance of 3284.
Trading Ideas:
Chana trading range is 3132-3284.
Chana closed up on value-buying following a sharp correction in prices and pressured by the prospects of decline in output
Chana acreage in the state is down 4.9% to 1.84 lakh hectares as con December 26th 2011
NCDEX accredited warehouses chana stocks dropped by 286 tonnes to 33522 tonnes.
In Delhi spot market, chana jump up by 34.75 rupee to end at 3250 rupee per 100 kgs.
Courtesy: Kedia Commodities
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