NCDEX Chana likely to trade between 4973-5133 levels

Technically Chana market is under short covering as market has witnessed drop in open interest by 4.94% to settled at 90940 while prices up 51 rupees.

Now NCDEX Chana is getting support at 5020 and below same could see a test of 4973 levels, and resistance is now likely to be seen at 5100, a move above could see prices testing 5133.

Chana yesterday settled up by 1.02% at 5066 as the slow progress of monsoon has delayed sowing of pulses, and some pockets of the country may have to go for re-sowing if rainfall does not revive in a week.

The India Meteorology Department (IMD) has forecast a break in the monsoon till July 5, but the industry is hoping for a revival sooner as the next one week will be crucial for kharif output.

It is observed that NAFED buying stopped after mid-April as market price move above the MSP level i.e. above Rs. 5100/qtl.

So far, NAFED It is observed that NAFED buying stopped after mid-April as market price move above the MSP level i.e. above Rs. 5100/qtl.

So far, NAFED. Chana import for FY 2020-21 (Apr-Feb) stood at 2.89 lakh tonnes which is down by 21% as against 3.66 lakh tonnes imported during the corresponding period of the previous year.

Import and export in month of February 2021 reported at 0.12 lakh tonnes and 0.11 lakh tonnes, respectively. Apart from Chana, 10.97 lakh tonnes of Masur and 3.67 lakh tonnes of Urad & Moong have been imported during 2020-21 (Apr-Feb) and total Pulses import stood at 24.14 lakh tonnes.

Australia’s exports of Chana in March remained down on a monthly basis, shows the data released from Australia Bureau of Statistics reports. In Delhi spot market, chana gained by 82.35 Rupees to end at 5028.35 Rupees per 100 kgs.

Trading Ideas:
–Chana trading range for the day is 4973-5133.
–Chana prices seen supported earlier as the slow progress of monsoon has delayed sowing of pulses
–However some pockets of the country may have to go for re-sowing if rainfall does not revive in a week.
–IMD has forecast a break in the monsoon till July 5, but the industry is hoping for a revival sooner as the next one week will be crucial for kharif output.
–In Delhi spot market, chana gained by 82.35 Rupees to end at 5028.35 Rupees per 100 kgs.