India's chana futures also erased early gains on Thursday afternoon as a stock limit imposed by northern Punjab state prompted profit-taking, though the spot was firm on concerns acreage may fall in a key growing state. Punjab government has imposed stock limit on pulses and it also weighed on sentiments.
According to trade sources, sowing for this rabi season pulse has taken a back seat in one of the major growing state of Rajasthan due to prevailing low temperatures. Arrivals have also been lower at 30 trucks at New Delhi’s Lawrence Road Mandi against 65 trucks last week.
The area under chana may shrink this year in Rajasthan due to poor rainfall and a diversion towards rapeseed. Active demand from millers and crushers is also supporting the gain in prices. Higher prices of all other pulses have also turned the demand towards Chana.
Trading Recommendations NCDEX Chana Dec HOLD. Buy around 2670-75 with a stop loss of 2630 for a target of 2732.
Courtesy: AUM Capital Market Pvt. Ltd.
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