Technically Chana market is under long liquidation as market has witnessed drop in open interest by 4.75% to settled at 146150 while prices down 146 rupees.

Now NCDEX Chana is getting support at 5113 and below same could see a test of 5035 levels, and resistance is now likely to be seen at 5292, a move above could see prices testing 5393.

Chana yesterday settled down by 2.74% at 5191 as pressure seen after the Government amended the pulses import policy by moving tur, urad and moong from ‘restricted’ to ‘free’ category.

The Commerce Ministry in a notification said the revision in pulses import policy is with immediate effect and will for the period up to October 31, 2021.

Further, import consignments of these items with Bill of Landing issued on or before October 31 shall not be allowed by Customs beyond November 30, the notification said.

“The Open General License (OGL) under the free import policy will enable the traders to quickly import the required quantity of tur, moong and urad to fulfil the shortage of the pulses.

We are expecting minimum 250,000 tonnes of tur, 150,000 tonnes of urad and around 50,000-75,000 tonnes of moong beans to be imported primarily from Myanmar, African, and the neighbouring countries.”

Total summer crops have been sown on 73.76 lakh ha area against 60.67 lakh ha during the corresponding period of last year, thus increase in total summer area coverage by 13.09 lakh ha compared to corresponding period of last year in the country.

Sowing reported under Pulses 12.75 lakh ha against 6.45 lakh ha area of last year i.e. increase in area coverage by 6.30 lakh ha. In Delhi spot market, chana dropped by 86.1 Rupees to end at 5221.1 Rupees per 100 kgs.

Trading Ideas:
–Chana trading range for the day is 5035-5393.
–Chana prices dropped after the Government amended the pulses import policy by moving tur, urad and moong from ‘restricted’ to ‘free’ category.
–The Commerce Ministry in a notification said the revision in pulses import policy is with immediate effect and will for the period up to October 31
–Sowing reported under Pulses 12.75 lakh ha against 6.45 lakh ha area of last year i.e. increase in area coverage by 6.30 lakh ha.
–In Delhi spot market, chana dropped by 86.1 Rupees to end at 5221.1 Rupees per 100 kgs.