Technically Chana market is under fresh buying as market has witnessed gain in open interest by 8.28% to settled at 97470 while prices up 18 rupees.
Now NCDEX Chana is getting support at 5012 and below same could see a test of 4975 levels, and resistance is now likely to be seen at 5080, a move above could see prices testing 5111.
Chana yesterday settled up by 0.36% at 5048 as all India, pulses sowing area coverage has been reported to about 119.54 lakh ha area compared to normal of corresponding week (121.69 lakh ha).
Thus 2.15 lakh ha less area has been covered compared to normal of corresponding week. 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. In Delhi spot market, chana gained by 24.25 Rupees to end at 4930.9 Rupees per 100 kgs.
Trading Ideas:
–Chana trading range for the day is 4975-5111.
–Chana prices gained as all India, pulses sowing area coverage has been reported to about 119.54 lakh ha, down by 2.15 lakh ha less area
–The production of pulses has been increasing during the last three years and the target for 2021-2022 has been set at 23 LMT
–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 gained by 24.25 Rupees to end at 4930.9 Rupees per 100 kgs.