Commodity Trading Tips for Chana by KediaCommodity

ChanaChana settled flat on the back of strong millers offtake along with firm cues from international market. Strong millers offtake ahead of upcoming festival demand spurred strong gains in both spot and futures market. Chana sowing has started in Maharashtra, AP and Karnataka and is expected to commence soon in MP and Rajasthan too. In Maharashtra, 1.09 lakh ha area has been covered so far which is only 8.8% of the targeted 12.32 lakh ha by the state dept. In AP, chana acreage stood at 41000 hectares as on 17th October, 2012 compared with 98000 hectares during the same period last year. According to the first advance estimates of 2012-13 season, kharif pulses output is estimated lower by 14.6% at 5.26 million tonnes compared with 6.16 mn tn last year. Traders have anticipated a strong boost in local demand ahead of Diwali and arrivals have been on a high in last few days. However, with bulk of the buying from millers already over and good start to sowing season, the futures have been finding it difficult to hold on. As per the latest report, the area under pulses is down by nearly 30% to 32.73 lakh hectares. The total daily arrivals were hovering at the lower levels of around 28000 bags in the entire major mandis. In Delhi spot market, chana jump up by 97.2 rupee to end at 4593.65 rupee per 100 kgs. The volume was noted at 14380 lots. Support for chana is at 4345 below that could see a test of 4334. Resistance is now seen at 4371 above that could see a resistance of 4386.

Trading Ideas:

Chana trading range for the day is 4334-4386.

Chana settled flat on the back of strong millers offtake along with bullish cues from international market.

Strong millers offtake ahead of upcoming festival demand spurred strong gains in both spot and futures market.

NCDEX accredited warehouses chana stocks gained by 121 tonnes to 28243 tonnes.

In Delhi spot market, chana jump up by 97.2 rupee to end at 4593.65 rupee per 100 kgs.