Commodity Trading Tips for Chana by KediaCommodity

Ajay Kumar Kedia 14 October 2013

Chana Chana settled up 0.57% at 3177 as hopes of a rise in local demand in the festive season supported buying, though expectations of better sowing due to ample rains capped gains. Local buying has improved in the past few weeks and would pick up further because of the festivals ahead. However, upside would be limited on hopes of better sowing. Sowing has started at some places in Karnataka and Andhra Pradesh. Chickpea is a rabi crop, sowing for which starts in October. The key growing areas have received ample rain, which should smoothen the sowing process. Further, increased enquiries from millers at lower levels against fall in supplies from the major producing regions, too supported the uptrend. Good demand in ready daals market is supporting Chana. The arrivals in Delhi surged though, coming in at 50 trucks today after just 25 trucks . The supplies have hovered in the range of around 30/40 trucks per day in last few weeks. The Kharif pulses arrivals are being eyed and Moong and Urad supplies have started gaining pace in Rajasthan. Stockists demand is emerging in almost all ready pulses right now. The progress on the kharif pulses harvest front is impressive. As per latest release from Ministry of Agriculture, the acreage under pulses has gone up by 15.28% to 101.81 lakh hectares. In Delhi spot market, chana gained by 58 rupee to end at 3158.4 rupee per 100 kgs. Technically market is under short covering as market has witnessed drop in open interest by -6.69% to settled at 105940 while prices up 18 rupee, now Chana is getting support at 3149 and below same could see a test of 3122 level, And resistance is now likely to be seen at 3201, a move above could see prices testing 3226.