Technically Chana market is under fresh selling as market has witnessed gain in open interest by 1.18% to settled at 60630 while prices down 17 rupees.

Now NCDEX Chana is getting support at 4336 and below same could see a test of 4313 levels, and resistance is now likely to be seen at 4385, a move above could see prices testing 4411.

Chana yesterday settled down by 0.39% at 4360 as pressure seen as about 124.01 lakh ha area coverage under pulses has been reported compared to last year (121.50 lakh ha). Thus 2.51 lakh ha more area has been covered compared to last year.

At present the arrival of indigenous gram in producer mandis has decreased by 50% whereas there is continuous buying of mills due to lack of stock in pulses mills.

After the ongoing lockdown in the country due to Corona epidemic, now the demand for gram and gram flour is also coming out after the market is slowly opened under the unlock process.

On the other hand, at the time of the new season, the prices of gram in mandis across the country were seen to be well below the prescribed MSP of Rs 4875, and that is why farmers continued to sell most of their gram to the MSP.

NAFED has purchased a total of 21.43 lakh tonnes of gram so far this season, in addition to this, NAFED also has 1.5 million tonnes of gram in the last year.

NAFED is preparing to distribute 2 lakhs per month under other schemes other than Pradhan Mantri Garib Kalyan Yojana and in this way till the month of November, about 15-16 lakh tonnes of gram stock will be consumed in these schemes.

Trading Ideas:
–Chana trading range for the day is 4313-4411.
–Chana prices dropped as pressure seen as about 124.01 lakh ha area coverage under pulses has been reported.
–At the time of the new season, the prices of gram in mandis across the country were seen to be well below the prescribed MSP of Rs 4875
–NAFED has purchased a total of 21.43 lakh tonnes of gram so far this season
–In Delhi spot market, chana remains unchanged at by 0 Rupees to end at 4366.15 Rupees per 100 kgs.