Chana gained Rs 74 and settled at Rs 3191 per quintal tracking higher prices of other pulses and as traders bought on expectations that prices had touched near bottom. Chana, or chickpea, is a winter-sown crop whose planting begins in October and harvesting in mid-January.
Sentiments continued to remain weak as poor winter season demand amidst arrivals from the Southern states kept pressure on the market sentiments.
Traders are not ruling out further profit booking in the short term as new crop arrivals are also awaited in next few weeks.
The total daily arrivals of Chana were hovering at the levels of around 100000 bags in the entire major mandies.
The new crop has started arriving in the markets in small quantities in southern states and is expected to gain momentum in the next few days, which is likely to put pressure on prices.
According to the Farm Ministry area sown under Rabi pulses is down by 1.28% to 13.85 million hectares as compared to 14.02 lakh hectares in the same period previous year.
Chana sowing till Dec 23rd 2011 is 5.9% down at 8.64 million hectares as compared to 9.18mln hectares in the same period previous year.
In Delhi spot market, Chana jump up by 15.6 rupee to end at 3215.6 rupee per 100 kgs.
The volume was noted at 92740 lots. Support for chana is at 3133 below that could see a test of 3074.
Resistance is now seen at 3227 above that could see a resistance of 3262.
Trading Ideas:
Chana trading range is 3074-3262.
Chana rose tracking higher prices of other pulses amid firm spot market demand.
Sentiments remains weak as poor winter season demand amidst arrivals from the Southern states kept pressure
NCDEX accredited warehouses chana stocks dropped by 229 tonnes to 25780 tonnes.
In Delhi spot market, chana jump up by 15.6 rupee to end at 3215.6 rupee per 100 kgs.
Courtesy: Kedia Commodities
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