Technically Chana market is under short covering as market has witnessed drop in open interest by 2.35% to settled at 14570 while prices up 9 rupees.
Now NCDEX Chana is getting support at 4222 and below same could see a test of 4197 levels, and resistance is now likely to be seen at 4275, a move above could see prices testing 4303.
Chana yesterday settled up by 0.21% at 4247 on profit booking after prices gained as higher demand expected when lockdown in various countries is expected to be relaxed.
Pulses procurement under price support scheme in rabi season 2020-21 is under way In states like Karnataka, Andhra Pradesh, Telangana, Rajasthan, Maharashtra, Uttar Pradesh and Haryana.
Now NCDEX Chana is getting support at 4222 and below same could see a test of 4197 levels, and resistance is now likely to be seen at 4275, a move above could see prices testing 4303.
Chana yesterday settled up by 0.21% at 4247 on profit booking after prices gained as higher demand expected when lockdown in various countries is expected to be relaxed.
Pulses procurement under price support scheme in rabi season 2020-21 is under way In states like Karnataka, Andhra Pradesh, Telangana, Rajasthan, Maharashtra, Uttar Pradesh and Haryana.
Nafed and FCI have collectively procured 1.33 lakh MT pulses till the first fortnight of April-2020. Chickpeas area in the US is likely to decrease by 32% from last year. Small chickpea acreage shows a decline of only 5%, while large chickpea acreage is expected to decrease by 41%.
Tamilnadu Foodgrains Merchants Association Limited is asking India's Minister of Commerce to clear 251,800 MT of green and yellow peas from Russia and Australia that are being held at port b/c they lack import permit.
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.
95% of chana crop sown in 2019-20 (Jul-Jun) so far amid the ongoing lockdown, a senior official with the state government told. Due to the lockdown, farmers could not harvest the standing crop.However, the government later exempted harvesting from clampdown but the directive took time to percolate to the grass root level.
Trading Ideas:--Chana trading range for the day is 4197-4303.
--Chana dropped on profit booking after prices gained as higher demand expected when lockdown in various countries is expected to be relaxed.
--Chickpeas area in the US is likely to decrease by 32% from last year.
--Tamilnadu Foodgrains Merchants Association Limited is asking India's Minister of Commerce to clear 251,800 MT of green and yellow peas
--In Delhi spot market, chana remains unchanged at by 0 Rupees to end at 4200 Rupees per 100 kgs.
