Commodity Trading Tips for Chana by KediaCommodity

Ajay Kumar Kedia 14 February 2014

Chana Chana settled up 1.59% at 3059 on short covering amid firm spot demand after prices dropped due to higher stocks and a rise in the area under cultivation. Robust arrivals in mandis after higher sowing are affecting the prices of chana as buyers are waiting for prices to stabilize. Anticipation of higher arrivals are pressurising the prices which is also hampering the demand. Pulses sowing rose to 16.2 million hectares as on Feb 7 compared to 15.26 million hectares a year earlier, data released by the government showed. Chana sowing rose to 10.21 million hectares till Feb 7 compared to 9.5 million hectares a year earlier, government data showed. Sowing has almost ended and is much higher than the previous year. Pulses sowing rose to 15.67 million hectares as on Jan 31 compared to 14.9 million hectares a year earlier, data released by the government showed. Chana sowing rose to 10.13 million hectares till Jan 31 compared to 9.34 million hectares a year earlier, government data showed. Moreover, higher sowing acreage in major producing states added selling in chana market. As per the latest data release from Ministry of Agriculture, the total sowing acreage of chana as on 31st January 2014 has been reported at 103.3 lakh hectares, up 8% from the previous year. In Delhi spot market, chana gained by 27.85 rupee to end at 2939.3 rupee per 100 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 0.67% to settled at 91230 while prices up 48 rupee, now Chana is getting support at 3023 and below same could see a test of 2987 level, And resistance is now likely to be seen at 3077, a move above could see prices testing 3095.