NCDEX Chana under fresh buying; Resistance seen at 4423
Commodity Online | December 11 2019
UPDATED 12:10:32 IST

MCX Mentha Oil likely to move in a range of 1238.5-1278.7

MCX Aluminium may trade between 140-142.2 levels

MCX Nickel under fresh buying; Support seen at 1021.8

NCDEX Chana under long liquidation; Resistance seen at 4219

MCX Zinc under long liquidation; Resistance seen at 184

Technically Chana market is under fresh buying as market has witnessed gain in open interest by 0.94% to settled at  while prices up 10 rupees.

Now NCDEX Chana is getting support at 4377 and below same could see a test of 4353 levels, and resistance is now likely to be seen at 4423, a move above could see prices testing 4445.

Chana on NCDEX settled up by 0.23% at 4400 as support continues after extended monsoon rains reported to have caused some damage to the crop and quality deterioration is also a concern. Chana production is estimated at 101.3 Lakh tonnes during 2018- 19.

Production Estimate is 10.98% less than the estimate of 113.8 Lakh tonnes during 2017-18. Overall, pulses production is also estimated to decline by around 7.95% to 234 Lakh tonnes 2018-19 from 254.2 Lakh tonnes in the previous year.

As per market sources, Chana sown area might witness some improvement owing to good soil moisture due to prolonged monsoon rains in most part of India even till October end. However, at the same time, delay in sowing is also expected.

Chickpeas/or desi chana imports into India have increased by 207.87% to 1.48 Lakh tonnes during April to August as compared to plants but the damage was irreversible and caused around 30% of crop damage in the district.

Dry pea production in Canada is estimated at 47 Lakh tonnes in 2019-20 (Aug-Jul), up 30% on year due to a rise in harvested area, Agriculture and Agri-Food Canada said in its monthly report. Harvested area under dry peas in 2019-20 is expected at 17 Lakh Hectares, higher than 14 Lakh Hectares during the previous year.

Trading Ideas:
--Chana trading range for the day is 4353-4445.
--Chana prices gained as support continues after extended monsoon rains reported to have caused some damage to the crop and quality deterioration is also a concern.
--Chana production is estimated at 101.3 Lakh tonnes during 2018- 19.
--Overall, pulses production is also estimated to decline by around 7.95% to 234 Lakh tonnes 2018-19 from 254.2 Lakh tonnes in the previous year.
--In Delhi spot market, chana dropped  by 15.4 Rupees to end at 4260.85 Rupees per 100 kgs.

Courtesy: Kedia Commodities

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