As expected, India's chana futures extended the previous session's gains on Tuesday afternoon on firm prices of kharif pulses and concerns the country's output may fall this year on lower acreage in a key state. The December chana contract closed up 0.34 % at 2,628 rupees per 100 kg.
Sowing has taken a backseat in Rajasthan due to prevailing low temperatures. According to latest sowing data, Rajasthan farmers have planted 0.40 million hectares with chana, down 44% as compared with 0.72 million hectares in the same period last year.
Sowing is still in progress in Madhya Pradesh but it is only 40% complete till now. Domestic demand is supportive for gain in prices and higher prices of all other pulses have also turned the demand towards Chana.
Trading Recommendations
NCDEX Chana Dec HOLD. Buy above 2625 with a stop loss of 2602 for a target of 2675.
Courtesy: AUM Capital Market Pvt. Ltd. Explore Commodity Online Mobile Services
