NCDEX Chana under long liquidation; Support seen at 4146
Commodity Online | March 26 2020
UPDATED 12:10:56 IST

MCX Mentha Oil likely to move in a range of 1045.6-1125.6

MCX Aluminium may trade between 132.1-135.9 levels

MCX Zinc under long liquidation; Resistance seen at 145.2

MCX Nickel under fresh buying; Support seen at 860

NCDEX Chana under short covering; Support seen at 4168

Technically Chana market is under short covering as market has witnessed drop in open interest by 4.7% to settled at 17660 while prices up 164 rupees.

Now NCDEX Chana is getting support at 4146 and below same could see a test of 4028 levels, and resistance is now likely to be seen at 4323, a move above could see prices testing 4382.

Chana yesterday settled up by 4% at 4264 as arrivals in markets get disrupted due to sporadic rains and harvesting. Besides, demand started increasing due to increasing fear of spreading Covid-19. Supreme Court of India next hearing regarding case of pulses import will be on 4th April-2020.

It seems that Jaipur High Court would not hear this case on 6th April as it has moved now to Supreme Court of India. As per latest report by The Canadian Grain Commission Canada has exported 1,382,600 MT peas in ongoing MY so far till Jan-2020.

It is up by 45% from last year till Jan 2019.In Jan alone, total 1,34 300 MT has been exported. Canada has exported 1,036,800 MT last year tillJanuary-2019. National Agricultural Cooperative Marketing Federation of India has bought 7,475 tn of chana from farmers in Andhra Pradesh, an official with the agency said.

The crop is from the 2019-20 (Jul-Jun) kharif season. The government has pegged 2019-20 chana crop at 11.2 mln tn compared with 9.9 mln tn harvested last year in second advance estimates.

Chana output in the country is expected to be over 11 mln tn in 2019-20 (Jul-Jun) against 10.1 mln tn last year, primarily due to higher area under the crop and a rise in yield, a senior official with the farm ministry said.

Trading Ideas:
--Chana trading range for the day is 4028-4382.
--Chana prices gained as arrivals in markets get disrupted due to sporadic rains and harvesting.
--As per latest report by The Canadian Grain Commission Canada has exported 1,382,600 MT peas in ongoing MY so far till Jan-2020
--Supreme Court of India next hearing regarding case of pulses import will be on 4th April-2020.
--In Delhi spot market, chana remains unchanged at by 0 Rupees to end at 4070 Rupees per 100 kgs.

Courtesy: Kedia Commodities