Commodity Trading Tips for Chana by KediaCommodity

Commodity Trading Tips for Chana by KediaCommodityChana dropped Rs 28 and settled at Rs 4365 per quintal heavily as improvement in rains boosted prospects of higher production of other summer-sown pulses. The total daily arrivals were hovering at the levels of around 30000 bags in the entire major mandies, up 7000 bags from the last day. Stockists and local dealers don't expect further decline in chana prices due to strong consumer demand in the ongoing festival season and it could negate higher supplies of other summer-sown pulses. Arrivals from the new season crop have begun in small quantities and may cap the gains. India's monsoon rains were 44 percent above average in the week to Sept. 19, the fourth consecutive week of plentiful rainfall. Stockists and local dealers don't expect further decline in chana prices due to strong consumer demand in the ongoing festival season and it could negate higher supplies of other summer-sown pulses. Consumption of all pulses rises during the festive period. India's monsoon rains were 44 percent above average in the week to Sept. 19, the fourth consecutive week of plentiful rainfall. Recent good rains in growing States of MP and Rajasthan have improved the sowing prospects that would start from Oct-Nov onwards. In Delhi spot market, chana fell down by -155.35 rupee to end at 4430.75 rupee per 100 kgs. The volume was noted at 125590 lots. Support for chana is at 4268 below that could see a test of 4171. Resistance is now seen at 4447 above that could see a resistance of 4529.

Trading Ideas:

Chana trading range for the day is 4171-4529.

Chana dropped as improvement in rains boosted prospects of higher production of other summer-sown pulses

The total daily arrivals were hovering at the levels of around 30000 bags in the entire major mandies, up 7000 bags

NCDEX accredited warehouses chana stocks dropped by 304 tonnes to 50110 tonnes.

In Delhi spot market, chana fell down by -155.35 rupee to end at 4430.75 rupee per 100 kgs.