NCDEX Chana under long liquidation; Support seen at 4967
Commodity Online | July 26 2021
UPDATED 12:10:34 IST

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Technically Chana market is under long liquidation as market has witnessed drop in open interest by 1.2% to settled at 110710 while prices down 37 rupees.

Now NCDEX Chana is getting support at 4967 and below same could see a test of 4929 levels, and resistance is now likely to be seen at 5059, a move above could see prices testing 5113.

Chana yesterday settled down by 0.73% at 5005 as targeted area under total kharif pulses increased to 4121 thousand hectares i.e up by 6.84% from 5year average of 3857 thousand hectares, as per latest Rajasthan Govt Sowing Data.

The Central Government has relaxed stock limits for Millers and wholesalers and exempted importers from the same.

Amid tremendous pressure from the sector, the government increased the permissible stock quantity of pulses allowed for wholesalers and millers with a complete exemption for importers.

Under the revised stock limit, wholesalers can now keep 500 metric tonnes (MT) of pulses at a time provided the quantity of any one pulse does not exceed 200 MT.

Under the old order, the maximum stock that wholesalers could keep was 200 MT, with the quantity of a single pulse restricted to a maximum of 100 MT.

It may be noted that Government of India has been making continuous efforts to crackdown on prices of essential commodities like pulses and had taken various measures like stock declaration of pulses by the stockholders of different categories on 14thMay,2021 and thereafter imposition of stock limits on pulses on 2nd July,2021.

Overall area under sowing for Kharif Pulses Crop area covered is 10.56 lakh ha less compared to normal of corresponding week. In Delhi spot market, chana dropped by 87.8 Rupees to end at 4912.2 Rupees per 100 kgs.

Trading Ideas:
--Chana trading range for the day is 4929-5113.
--Chana dropped as targeted area under total kharif pulses increased to 4121 thousand hectares i.e up by 6.84% in Rajasthan.
--Overall area under sowing for Kharif Pulses Crop area covered is 10.56 lakh ha less compared to normal of corresponding week.
--About 70.64 lakh ha area coverage has been reported compared to normal of corresponding week (81.20 lakh ha).
--In Delhi spot market, chana dropped by 87.8 Rupees to end at 4912.2 Rupees per 100 kgs.

Courtesy: Kedia Commodities

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