Technically Chana market is under short covering as market has witnessed drop in open interest by 3.48% to settled at 123330 while prices up 122 rupees.
Now NCDEX Chana is getting support at 5088 and below same could see a test of 5021 levels, and resistance is now likely to be seen at 5195, a move above could see prices testing 5235.
Chana yesterday settled up by 2.42% at 5154 as pulses acreage could witness a decline during the forthcoming kharif season after the Centre opened up imports of tur, urad and moong. 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. In Delhi spot market, chana gained by 90.35 Rupees to end at 5076.45 Rupees per 100 kgs.
Trading Ideas:
–Chana trading range for the day is 5021-5235.
–Chana gained as pulses acreage could witness a decline during the forthcoming kharif season after the Centre opened up imports of tur, urad and moong.
–The country is most likely to face scarcity of pulses this year including masoor, chana and other pulses.
–India’s supply of Kabuli chickpea is expected to plunge 32 percent to 396,000 tonnes due to low carryout and very poor production prospects.
–In Delhi spot market, chana gained by 90.35 Rupees to end at 5076.45 Rupees per 100 kgs.