Technically Chana market is under long liquidation as market has witnessed drop in open interest by 11.34% to settled at 33080 while prices down 91 rupees.

Now NCDEX Chana is getting support at 5198 and below same could see a test of 5145 levels, and resistance is now likely to be seen at 5342, a move above could see prices testing 5433.

Chana yesterday settled down by 1.7% at 5250 as the Centre has pegged chana output at 11.6 mln tn in 2020-21 (Jul-Jun) against 11.1 mln tn last year.

Procurement of gram in Rajasthan will start from April 1. According to Cooperative Minister Udayalal Anjana, a target has been set to purchase 6 lakh 14 thousand 900 metric tons of gram. Gram will be purchased from farmers at the rate of Rs. 5100 per quintal.

Madhya Pradesh government had postponed the procurement of crop due to bad weather. The Ministry of Agriculture Department has announced a new date for the production of gram and mustard crop in the agricultural produce mandis of Madhya Pradesh and the procurement work is scheduled to be started from 27-03-2021.

This time, all the crops coming in the Kharif and Rabi season are sitting low in the form of productivity, due to which all the pulses and oilseeds crops are seeing a rapid growth.

All states had almost the same amount as last year, at present, Rajasthan and Madhya Pradesh crops are coming and in Rajasthan, there are a few small ones because the crop being ready, the effect of the heat of February and March has resulted in a huge decrease in productivity in summer. In Delhi spot market, chana dropped by 85.75 Rupees to end at 5300 Rupees per 100 kgs.

Trading Ideas:
–Chana trading range for the day is 5145-5433.
–Chana prices dropped as the Centre has pegged chana output at 11.6 mln tn in 2020-21 (Jul-Jun) against 11.1 mln tn last year.
–Rajasthan: Chana to be purchased on MSP from April 1
–Gram will be purchased from farmers at the rate of Rs. 5100 per quintal.
–In Delhi spot market, chana dropped  by 85.75 Rupees to end at 5300 Rupees per 100 kgs