Technically Chana market is under fresh selling as market has witnessed gain in open interest by 4.16% to settled at 77800 while prices down 73 rupees.

Now NCDEX Chana is getting support at 4976 and below same could see a test of 4943 levels, and resistance is now likely to be seen at 5066, a move above could see prices testing 5123.

Chana yesterday settled down by 1.44% at 5010 as the production of pulses has been increasing during the last three years (2018-19 to 2020-21) and the target for 2021-2022 has been set at 23 LMT (lakh million tonnes) from the 19.5 LMT for 2020-2021, the Parliament was informed.

Data from the government showed that all India production of pulses during 2016-17 to 2020-21 — all numbers in ‘000 tonnes — was 23,130.94 for 2016-17, 25,415.92 for 2017-18, 22,075.96 for 2018-19, 23,025.25 for 2019-20, and for 2020-21, it is projected at 25,575.69, as per the 3rd advance estimates.

India is likely to receive an average amount of rainfall in August and September, the state-run weather office said, raising expectations of higher crop yields in Asia’s third-biggest economy, which relies heavily on the vast farm sector.

“As per most parameters, we expect monsoon rains to be normal in August and September this year,” Mrutyunjay Mohapatra, Director General of the state-run India Meteorological Department (IMD), told a news conference.

All over Pulses crop area seen at about 108.87 lakh ha compared to normal of corresponding week (110.68 lakh ha). Thus 2.81 lakh ha less area has been covered compared to normal of corresponding week. In Delhi spot market, chana dropped by 50 Rupees to end at 4850 Rupees per 100 kgs.

Trading Ideas:
–Chana trading range for the day is 4943-5123.
–Chana prices seen under pressure as the production of pulses has been increasing during the last three years
–The target for 2021-2022 has been set at 23 LMT (lakh million tonnes) from the 19.5 LMT for 2020-2021, the Parliament was informed.
–India is likely to receive an average amount of rainfall in August and September, the state-run weather office said
–In Delhi spot market, chana dropped by 50 Rupees to end at 4850 Rupees per 100 kgs.