Chana rose yesterday also but the gain was negligible some profit booking can be seen overall still the market is looking firm as the prices of kharif pulses and concerns acreage in major producer Rajasthan may fall this year due to patchy rains.
A drop in kharif pulses production is supporting overall pulses segment, especially chana sowing is also not progressing well in some parts of the country.
Rajasthan have so far completed sowing of chana on 220,000 hectares, down 39 percent from last year. Delhi spot market, the price rose by 19 rupees to 2,544 rupees per 100 kg.
The government raised MSP of chana by 30 rupees to 1,760 rupees per 100 kg. Chana gained Rs 21 and settled at Rs 2595 per quintal. Support for chana is at 2570 below that could see a test of 2546. Resistance is now seen at 2610 above that could see a resistance of 2626.
Trading Ideas:
CHANA TRADING RANGE IS 2500-2625.
CHANA YESTERDAY TRADED FLAT TODAY SOME PROFIT BOOKING CAN BE SEEN.
SELL CHANA NOV BELOW 2590 SL 2622 TGT 2570-2552-2535.
NOW RES IS AT 2599 A BREAK BELOW 2570 LOOK WEAK TILL 2540 LEVEL
IN DELHI PRICES UP BY OVER 19 RUPEES TO 2544 RUPEES PER 100 KG
SOME PROFIT BOOKING CAN BE SEEN IN THE LATTER SESSION TODAY BE ALERT
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