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NCDEX Chana under fresh buying; Resistance seen at 4363
Commodity Online | October 10 2019
UPDATED 12:00:44 IST

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Technically Chana market is under fresh buying as market has witnessed gain in open interest by 6.54% to settled at 60080 while prices up 6 rupees.

Now NCDEX Chana is getting support at 4297 and below same could see a test of 4262 levels, and resistance is now likely to be seen at 4363, a move above could see prices testing 4394.   

Chana on NCDEX settled up by 0.14% at 4333 amid intermittent rains in Madhya Pradesh and decline in selling at a lower rate by the NAFED. All India Chana arrivals is 31.60 thousand MT which is around 16.24 per cent lower than last year arrivals of 37.73 thousand MT in the same time period.

In the coming Rabi season, chickpea acreage is expected decrease slightly from last year as farmers have received good prices from Chana. According to the fourth advance estimate, India Chana production of 2018-19 is estimated at 10.13 MMT which is 1 per cent higher than the third advance estimate of 10.09 MMT. Final production estimate of 2017-18 is 11.38 MMT. In 2018-19 Chana production estimate was lower than 2017-18 due to lower sowing acreage.

The kharif 2019 pulses sowing area was recorded at 132.99 lakh hectares, which is about 2.5 lakh ha lower than last year, but about 13 lakh ha more than the normal average. Final production estimate of 2017-18 is 11.38 MMT. This year production estimate is lower than last year due to lower acreage. According to the latest report of ABARES, Australian chickpea production is forecasted to decrease by 11 per cent in 2019-20 to 1.7 Lakh tonnes due to lower sowing forecast in 2019-20. Chickpea acreage is estimated to decrease by 15 percent to 1.7 lakh hectares due to lower import demand from India and lower prices.

Trading Ideas:
--Chana trading range for the day is 4262-4394.
--Chana gained amid intermittent rains in Madhya Pradesh and decline in selling at a lower rate by the NAFED.
--All India Chana arrivals is 31.60 thousand MT which is around 16.24 per cent lower than last year arrivals of 37.73 thousand MT.
--Australian chickpea production is forecasted to decrease by 11 per cent in 2019-20 to 1.7 Lakh tonnes due to lower sowing forecast in 2019-20.
--In Delhi spot market, chana gained  by 27.95 Rupees to end at 4310.75 Rupees per 100 kgs.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 70 10200.00
Coconut Oil 2 18500.00
Arecanut 55 5500.00
Sugar NR 3900.00

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