Chana gained Rs 46 and settled at Rs 3191 per quintal after falling for three straight sessions on short-covering but prices looks to be range-bound for next few sessions as the traders are still holding positions, waiting to see initial trends in fresh crop arrivals.
Chana arrivals have started in markets in southern states and are expected to pick up in the next few weeks.
Demand for Chana usually goes down in winter as more fresh vegetables are available as an alternative.
Though arrival of new chana have picked up in Maharashtra and Karnataka, they remain scarce in mandis in Madhya Pradesh.
Pulses have been sown in 140.66-lakh hectare as against 142.38-lakh hectare last year.
The area under Chana which is a dominant pulse crop of rabi season has been reported at 87.22 lakh hectare against 92.77 lakh hectare during the corresponding period last year.
Though this continues to reflect that the area is lagging behind last year, the week gone by has showed a modest improvement in the overall pulses average.
The total arrivals of Chana were around 20000 bags were reported.
In Delhi spot market, chana jump up by 4.3 rupee to end at 3215.25 rupee per 100 kgs.
The volume was noted at 70110 lots. Support for chana is at 3150 below that could see a test of 3108.
Resistance is now seen at 3218 above that could see a resistance of 3244.
Trading Ideas:
Chana trading range is 3108-3244.
Chana rose after falling for three straight sessions on short-covering
Chana arrivals have started in markets in southern states and are expected to pick up in next few weeks
NCDEX accredited warehouses chana stocks gained by 138 tonnes to 33535 tonnes.
In Delhi spot market, chana jump up by 4.3 rupee to end at 3215.25 rupee per 100 kgs.
Courtesy: Kedia Commodities
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