Chana jumped as per expectation and jumped by Rs.20/- after the last weeks sell off some good value buying had been seen on profit booking and short covering.

India's chana acreage as on Jan. 21 stood at 8.68 million hectares, compared with 8.23 million hectares in the same period a year ago.

In the Delhi spot market, price dropped 17 rupees to 2,271 rupees per 100 kg on improvement in demand. Some speculations are going on that standing crops can be affected due to cloudy weather in the rajasthan and northern parts on india which may support the prices but still traders are under fears of government intervention to curb food inflation and ample carry-forward stocks.

Yesterday the volume was noted at 40000 lots. Support for chana is at 2219 below that could see a test of 2191. Resistance is now seen at 2268 above that could see a resistance of 2289.

Trading Ideas:

Chana trading range is 2191-2289.
Chana jumped after the last weeks sell off on profit booking and short covering.
Some speculations are going on that standing crops can be affected due to cloudy weather in north.
Delhi spot market, price dropped 17 rupees to 2,271 rupees per 100 kg on improvement in demand.
BUY CHANA FEB AT 2220-2225 SL 2190 TGT 2245-2268-2285.NCDEX
Support for chana is at 2219 and resistance is now seen at 2268 above that could see a resistance of 2289.

Courtesy: Kedia Commodities

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