Commodity Trading Tips for Chana by KediaCommodity

Ajay Kumar Kedia 16 January 2014

Chana Chana settled up 0.48% at 3126 on account of improvement in spot market demand. The sentiment further increased as the concerns about yield from top producer Madhya Pradesh state due to a cold wave, though prospects of higher production from major producing belts capped the gains in chana prices. Ample supply in market has offset festive demand amid reports of higher sowing. Sowing operations are progressing in major growing states such as Madhya Pradesh, Maharashtra, Andhra Pradesh and Karnataka. Chana sowing rose to 10.18 million hectares till Jan 10 compared to 9.26 million hectares a year earlier, government data showed. Rabi pulses sowing rose to 15.51 million hectares as on Jan 10 compared to 14.7 million hectares a year earlier, data released by the government showed. Chana prices are expected to rise by the end of February due to festivals and marriage activities. Chana arrivals are expected from second week of February. Sowing operations are progressing in major growing states such as Madhya Pradesh, Maharashtra, Andhra Pradesh and Karnataka. Chana sowing rose to 10.18 million hectares till Jan 10 compared to 9.26 million hectares a year earlier, government data showed. Rabi pulses sowing rose to 15.51 million hectares as on Jan 10 compared to 14.7 million hectares a year earlier, data released by the government showed. In Delhi spot market, chana gained by 24.65 rupee to end at 3000 rupee per 100 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 3.03% to settled at 81910 while prices up 15 rupee, now Chana is getting support at 3111 and below same could see a test of 3095 level, And resistance is now likely to be seen at 3141, a move above could see prices testing 3155.