Chana gained Rs 30 and settled at Rs 2555 per quintal yesterday tracking firmness in the spot market, where demand was robust amid lower arrivals.
Kharif pulses were rising on lower output concerns despite being in the middle of the arrivals season. Chana, a winter-sown pulse, is priced lower than kharif pulses like tur, urad and moong, but follows their trend as consumers tend to buy the cheaper substitute.
Spot market in Delhi, rose by 128 rupees to 2,539 rupees per 100 kg. Ample stocks from last year's harvest limited the gains.
The volume was noted at 43580 lots. Support for chana is at 2529 below that could see a test of 2503. Resistance is now seen at 2590 above that could see a resistance of 2625.
Trading Ideas:
CHANA TRADING RANGE IS 2500-2625.
CHANA ROSE YESTERDAY TRACKING A FIRM SPOT MARKET
BUY CHANA NOV AT 2540-2550 SL 2518 TGT 2572-2590-2612.
NOW RES IS AT 2572 ABV THIS A RALLY TILL 2590-2610 CAN BE SEEN.
IN DELHI PRICES GAINED BY OVER 119 RUPEES TO 2530.25 RUPEES PER 100 KG
SOME PROFIT BOOKING CAN BE SEEN IN THE LATTER SESSION TODAY BE ALERT
Courtesy: Kedia Commodities Discuss and share what you feel on this analysis
