Commodity Trading Tips for Chana by KediaCommodity

ChanaChana gained Rs 10 and settled at Rs 3419 per quintal on hopes of a pick-up in domestic buying, though supplies from the new season crop and prospects of a higher output capped the gains. Sources expect fresh demand created by the upcoming Holi festival to lend support to prices. Lower-level buying is seen in chana by stockists and traders. Any dips in prices would be a good buying opportunity. Supplies from the new crop have started arriving in Andhra Pradesh, Karnataka, Maharashtra, Madhya Pradesh and Rajasthan. The supplies are likely to rise further. Chana arrival in the Lawrence Road mandie in Delhi were in the range of 30 -50 trucks a day during the week. There was strong buying reported from the local spot buyers ahead of the festival. The arrivals of Chana are maintaining their weak tone amid a severe wave of cold in Delhi and nearby regions. Chana is planted in India during Rabi season i. e. in the months of September to November and is harvested in February, March and April. The maturity period of desi type Chana is 95-105 days and of Kabuli type Chana is 100-110 days. The peak arrival period begins from March-April at the major trading centers of the country. The festive demand is gradually picking up and market is likely to show some more improvement in rates in the near future. Higher production prospects and high crop arrivals in the mandis however may prevent significant uptrend. In Delhi spot market, chana fell down by -3.9 rupee to end at 3464.65 rupee per 100 kgs. The volume was noted at 58100 lots. Support for chana is at 3400 below that could see a test of 3380. Resistance is now seen at 3444 above that could see a resistance of 3468.

Trading Ideas:

Chana trading range for the day is 3380-3468.

Chana gained on hopes of a pick-up in domestic buying, though supplies from the new season crop capped the gains.

Sources expect fresh demand created by the upcoming Holi festival to lend support to prices.

Supplies from the new crop have started arriving in Andhra Pradesh, Karnataka, Maharashtra, Madhya Pradesh and Rajasthan.

In Delhi spot market, chana fell down by -3.9 rupee to end at 3464.65 rupee per 100 kgs.