Technically Chana market is under fresh buying as market has witnessed gain in open interest by 4.76% to settled at 45360 while prices up 73 rupees.
Now NCDEX Chana is getting support at 4631 and below same could see a test of 4572 levels, and resistance is now likely to be seen at 4733, a move above could see prices testing 4776.
Chana yesterday settled up by 1.58% at 4689 on some low level buying as new western disturbance is causing heavy snowfall. Rain is also possible in parts of Punjab, Haryana, Madhya Pradesh, Gujarat, and Rajasthan.
Prices dropped around 20% in one month period as sowing of gram is higher than the total sowing of the previous year.
Also the recent sharp fall in the prices attributed to government’s decision to not extend the free pulses distribution under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) beyond November 30.
Chana sowing in Gujarat is heading towards a new record in the ongoing Rabi season as farmers have already planted the legume crop on 6.6 lakh hectares (lh). Chana is among the 23 major crops for which the central government fixes a minimum support price (MSP) and makes physical procurements.
In central Gujarat, Ahmedabad is at the top with chickpea acreage of 48,100 ha, followed by Dahod (29,100 ha). Patan (44,400 ha) and Aravalli (14000 ha) are the leading districts in north Gujarat region while Dang accounts for most of chana acreage in south Gujarat.
According to the latest data released by the Gujarat Directorate of Agriculture, farmers had completed sowing of chana in total 6.60 lh. This acreage is 226 per cent of the last three year’s average of 2.91 lh and only second to 9.10 lh acreage of wheat this Rabi season.
Trading Ideas:
–Chana trading range for the day is 4572-4776.
–Chana prices recovered on some low level buying as new western disturbance is causing heavy snowfall.
–Chana sowing in Gujarat is heading towards a new record in the ongoing Rabi season
–Chana is among the 23 major crops for which the central government fixes a minimum support price (MSP) and makes physical procurements.
–In Delhi spot market, chana remains unchanged at by 0 Rupees to end at 4575.65 Rupees per 100 kgs.