Chana ended down getting pressure from fresh arrivals, hopes of higher output and ample stocks weighed on sentiment.

Buying is very limited in spot market. Traders are buying only as per their requirement on fears of further drop in the prices. In Delhi spot market, price settled at 2154.20 rupees per 100 kg. Chana dropped Rs 10 and settled at Rs 2188 per quintal.

The volume was noted at 36800 lots. Support for chana is at 2179 below that could see a test of 2169. Resistance is now seen at 2201 above that could see a resistance of 2213.

Trading Ideas:

Chana trading range is 2169-2213.
Chana ended down getting pressure from fresh arrivals and ample stocks
Chana is getting support at 2179 and resistance is at 2201 level
NCDEX accredited warehouses chana stocks fell by 552 tonnes to 25892 tonnes.
In the Delhi spot market prices settled at 2154.20 rupees per 100 kg
SELL CHANA APR AT 2190 SL 2223 TGT 2170-2152.NCDEX

Courtesy: Kedia Commodities

World events analysis and how they affect Markets

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook