NCDEX Chana under fresh selling; Resistance seen at 5645
Commodity Online | April 16 2021
UPDATED 12:10:47 IST

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Technically Chana market is under fresh selling as market has witnessed gain in open interest by 1.57% to settled at 132730 while prices down 37 rupees.

Now NCDEX Chana is getting support at 5516 and below same could see a test of 5457 levels, and resistance is now likely to be seen at 5645, a move above could see prices testing 5715.

Chana yesterday settled up by 2.8% at 5730 on expectations of better demand during the forthcoming festival season amid lower inventories.

Support also seen as the concern of unseasonal rain in the early part of this year has stoked up crop damage fears in some of the northern states.

In addition, the government has spruced up procurement through minimum support price as higher arrivals at major markets have pulled down spot prices below the ?5,100 per quintal. Chana arrivals last month increased three-fold to 6.4 lakh tonnes.

The government agency Nafed is learnt to have procured 1.24 lakh tonnes of chana in Andhra Pradesh, Maharashtra, Madhya Pradesh, Telangana, Karnataka and Gujarat. As per Ministry of Agriculture data, chana sowing in this Rabi season crossed 112 lakh ha, which is up by about five per cent from same period last year.

The second advance estimates of Ministry of Agriculture pegs chana production at a record high of 116 lakh tonnes in 2020-21 season (111 lakh tonnes). In Delhi spot market, chana dropped by 22.75 Rupees to end at 5521 Rupees per 100 kgs.

Trading Ideas:
--Chana trading range for the day is 5513-5903.
--Chana prices gained on expectations of better demand during the forthcoming festival season amid lower inventories.
--Support also seen as the concern of unseasonal rain in the early part of this year has stoked up crop damage fears in some of the northern states.
--The government agency Nafed is learnt to have procured 1.24 lakh tonnes of chana in AP, Maharashtra, MP, Telangana, Karnataka and Gujarat.
--In Delhi spot market, chana gained by 131 Rupees to end at 5652 Rupees per 100 kgs.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 5 17200.00
Ghee NR 42000.00
Coconut Oil 0.1 19000.00
Tamarind Seeds 10 3200.00

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