Chana gained Rs 48 and settled at Rs 3233 per quintal on buying by local traders, who expect lower harvest in the current season.
The government data shows Chana harvest could fall in Maharashtra, Karnataka and Rajasthan, and this is providing support to prices.
Chana sowing has declined 4 percent in ongoing rabi (winter sowing) season to 8.9 million hectares as of Jan 27, government data showed. Lesser winter rain in key growing areas has impacted the yields and this could result in a decline in overall harvesting of the pulse.
Lower Pulses production prospect reports kept supporting prices while lack of significant demand prevented a major uptrend.
Reports of decline in Pulses production especially Tur from states like AP, Maharashtra and Karnataka due to reported lower rainfall activities there, could support Chana rates in medium term but short term trend looks weak.
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.
The total daily arrivals of Chana were hovering at the levels of around 100000 bags in the entire major mandies. In Delhi spot market, chana jump up by 84.4 rupee to end at 3300 rupee per 100 kgs.
The volume was noted at 85250 lots. Support for chana is at 3192 below that could see a test of 3150. Resistance is now seen at 3270 above that could see a resistance of 3306.
Trading Ideas:
Chana trading range is 3150-3306.
Chana rose on buying by local traders, who expect lower harvest in the current season
The government data shows chana harvest could fall in Maharashtra, Karnataka and Rajasthan
NCDEX accredited warehouses chana stocks dropped by -2284 tonnes to 23496 tonnes.
In Delhi spot market, chana jump up by 84.4 rupee to end at 3300 rupee per 100 kgs.
Courtesy: Kedia Commodities
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