Commodity Trading Tips for Chana by Kedia Commodity

ChanaChana yesterday traded with the positive node and settled 0.35% up at 2558, bargain buying seen in chana market as the spot prices of chana increased by Rs 25 per quintal in Delhi mandi. This was mainly due to weak arrivals of around 35 motors against 50 motors that were reported last day. The spot prices of Delhi mandi were reported at Rs 2430 per quintal and Maharashtra chapa quality chana were at Rs 2525 per quintal, up Rs 5 and 25 per quintal respectively from the previous day. India's pulses production this year is expected to rise by 2 million tonnes from last year's level. India has raised minimum support price of chana by 19.3 percent to 2,100 rupees per 100 kg, and that of rape seed by 1.09 percent to 1,850 rupees per 100 kg. For today's session market is looking to take support at 2551, a break below could see a test of 2544 and where as resistance is now likely to be seen at 2564, a move above could see prices testing 2570.

Trading Ideas:

Chana trading range is 2545-2571.

Chana traded positive as bargain buying seen in chana market as the spot prices gained

Weak arrivals of around 35 motors against 50 motors that were reported last day

India's pulses production this year is expected to rise by 2 million tonnes from last year's level.

SELL CHANA FEB @ 2560 SL 2590 TGT 2538-2510.NCDEX

In Delhi spot market, chana jump up by 23.5 rupee to end at 2463 rupee per 100 kgs.