Chana gained Rs 63 and settled at Rs 4713 per quintal on buying support tracking firm spot demand but upside seen limited due to improved rains in leading pulses-cultivating states raised the prospect of better crop in the coming season. Rajasthan, Madhya Pradesh, Gujarat, Karnataka and Maharashtra have received good rains and expect to get more during the next 2-3 days. Rains in pulses growing areas would help chana sowing in October. Kharif pulses have also been benefited by these rains. Good soil moisture is crucial for the cultivation of chana, a rabi crop whose sowing starts in October. Farmers have completed sowing of kharif pulses on 8.83 million hectares by Aug. 23, down from 9.98 million hectares a year earlier. The total daily arrivals were hovering at the levels of around 23000 bags in the entire major mandies, down 7000 bags from the last day. As per market sources, heavy selling in major chana producing states such as Madhya Pradesh, Maharashtra and Rajasthan might encourage strong chana sowing during the rabi season. This might incite strong stockiest liquidation at higher levels. Moreover, selling activity in international pulses might also witness some selling in chana market. In Delhi spot market, chana jump up by 56.25 rupee to end at 4793.75 rupee per 100 kgs. The volume was noted at 100700 lots. Support for chana is at 4642 below that could see a test of 4572. Resistance is now seen at 4755 above that could see a resistance of 4798.
Chana trading range for the day is 4572-4798.
Chana gains on buying support tracking firm spot demand but upside seen limited due to improved rains
Rains in pulses growing areas would help chana sowing in October.
NCDEX accredited warehouses chana stocks dropped by 414 tonnes to 59869 tonnes.
In Delhi spot market, chana jump up by 56.25 rupee to end at 4793.75 rupee per 100 kgs.