NCDEX Chana under fresh buying; Support seen at 4302
Commodity Online | January 11 2019
UPDATED 11:00:03 IST

MCX Mentha Oil may trade between 1310.1-1371.3 levels

MCX Aluminium under fresh buying; Resistance seen at 144.2

MCX Nickel under short covering; Support seen at 859.6

MCX Zinc under fresh selling; Support seen at 202.9

NCDEX Chana under long liquidation; Resistance seen at 4457

Technically Chana market is under fresh buying as market has witnessed gain in open interest by 6.67% to settled at 35800 while prices up 17 rupees.

Now NCDEX Chana is getting support at 4302 and below same could see a test of 4267 level, And resistance is now likely to be seen at 4395, a move above could see prices testing 4453.

Chana on NCDEX settled up by 0.39% at 4337 on short covering after prices dropped due to weak demand and abundant supplies in the physical market. Supplies increased due to NAFED sell as availability of stock with government agency is higher which has kept chana prices under pressure.

National Agricultural Co-operative Marketing Federation of India Ltd (NAFED) continued its progressive sale of 425,399.31 tons as on Jan 4. NAFED sold 78,134 tons of gram in Andhra Pradesh while in Telangana the agency sold 41,549 tons.

The co-operative firm released 91,953 tons and 35,806.31 tons of chana in Karnataka and Maharashtra while in Gujarat, Madhya Pradesh and Rajasthan the agency sold 48,729 tons, 23,235 tons and 105,993 tons, respectively.

New crop arrivals have already hit the markets of Karnataka and Andhra Pradesh due to which supplies are likely to increase. The commerce ministry extended the import restrictions on peas for another three months till March 31 this year.

Such measures help in curbing cheaper imports and boost local prices. The ministry has restricted imports of peas “for the period from January 1, 2019, to March 31, 2019,” the Directorate General of Foreign Trade (DGFT) said in a notice. The target for pulses production is 24 million tonne for 2018-19, marginally up from 23.95 million tonne in 2017-18.

Trading Ideas:
--Chana trading range for the day is 4267-4453.
--Chana settled down due to weak demand and abundant supplies in the physical market.
--National Agricultural Co-operative Marketing Federation of India Ltd (NAFED) continued its progressive sale of 425,399.31 tons as on Jan 4.
--NCDEX accredited warehouses Chana stocks dropped by 172 tonnes to 12760 tonnes.
--In Delhi spot market, chana gained  by 9.75 Rupees to end at 4171.25 Rupees per 100 kgs.

Courtesy: Kedia Commodities           

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