MUMBAI Commodity: Chana futures traded on a positive note on improved demand. Moreover, the restricted arrivals of the commodity in the physical market due to lower estimated output also influenced the chana prices.
Higher availability of imported chick peas and liquidation on higher levels are negative factor for the prices.
Chana December contract gained 0.58% to 3141 levels on Friday at India's National Commodity & Derivatives Exchange Limited (NCDEX).
Chana is likely to trade positive for short term and sideways for intra day with short term support seen at 3080 and resistance at 3220.Intra day support is seen at 3110 and resistance at 3160.
The sowing of chana has reached 40.99 lakh hectares against 53.05 lakh hectares last year same time. Coverage of total pulses has been 58.77 lakh hectares against 70.85 lakh hectare last year.
CHANA SIDE WAY TREND:-
Pivot point :- 3120, S1/S2/S3:- 3109 /3094/3068
Closs point :- 3123, R1/R2/R3:- 3135/3146/3172
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