NCDEX Chana under long liquidation; Resistance seen at 4872
Commodity Online | December 03 2020
UPDATED 12:10:07 IST

NCDEX Chana under fresh buying; Resistance seen at 4475

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Technically Chana market is under long liquidation as market has witnessed drop in open interest by 9.08% to settled at 33360 while prices down 34 rupees.

Now NCDEX Chana is getting support at 4787 and below same could see a test of 4756 levels, and resistance is now likely to be seen at 4872, a move above could see prices testing 4926.

Chana yesterday settled down by 0.7% at 4817 due to the rise in pulses sowing and increase in sowing areas due to the necessary moisture in the soil along with rainfall in major producing states.

In Gujarat, the sowing of pulses, mostly gram, has crossed 4.07 lakh hectare this year, about 27% more than the normal 3.19 lakh hectare, and almost four times more than last year's 1.05 lakh hectare.

In Rajasthan, the area under gram is 16.75 lakh hectare as compared to 15.57 lakh hectare at the same time last year. North Madhya Pradesh, Gwalior and Chambal divisions received good rains and the Bundelkhand region of the state has also been sowing pulses.

Production of the five main pulses grown in Australia ended up at 2.87 million metric tons (MT) this year, up over one million tons from last year and almost equal to the previous five year average.

ABARES said, "Winter crop production in Australia was boosted by very favorable seasonal conditions during spring in most cropping regions in New South Wales, Victoria and South Australia.

Crops in these states were generally in very good condition at the end of winter and favorable rainfall during September and October increased soil moisture levels during the critical grain development period.

Trading Ideas:
--Chana trading range for the day is 4756-4926.
--Chana prices dropped due to the rise in pulses sowing and increase in sowing areas due to the necessary moisture
--In Gujarat, the sowing of pulses, mostly gram, has crossed 4.07 lakh hectare this year, about 27% more than the normal 3.19 lakh hectare
--Production of the five main pulses grown in Australia ended up at 2.87 million metric tons (MT) this year
--In Delhi spot market, chana remains unchanged at by 0 Rupees to end at 4802.5 Rupees per 100 kgs.

Courtesy: Kedia Commodities

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