MUMBAI (Commodity Online): Due to lower domestic production of chana (Chick pea) on uneven rains in the kharif season and low pre-winter rains in the northern regions and also high demand, the price of the commodity has turned bullish.
Chana in India's National Commodity and Derivative Exchange (NCDEX), traded up 13.31% from Rs 3185 on 1st Febraury to Rs 3609 on 22nd February.
According to Dharmesh Bhatia, Associate Vice President, Research, Kotak Commodities, the traders are adviced to go long on NCDEX chana at current market price (CMP) with prices holding above Rs.3505 and dips toward Rs 3540 with a target of Rs 3860 and stop loss at Rs 3470 level.
India's chana production is expected to fall to 7.66 million tons from 8.22 million tons for 2011-12 and country pulses imports is estimated to rise 7.7% to 2.8 million tons in the 2011-12 financial year.
In 2011, Africa's pulses exports to India was 350,000 tons.
India's pulses prodcution is expected to be around 17 million tons for 2011-12.
In NCDXE, Chana for March delivery traded up 1.94% to Rs 3679 on 23rd Febraury at 12:10 IST.
